Adil and Bhavya are partners sharing profits and losses in the ratio of 7 : 5. They admit Cris, their Manager, into partnership who is to get 1/6th share in the business. Cris brings ₹ 1,00,000 for his capital and ₹ 36,000 for the 1/6th share of goodwill which he acquires 1/24th from Adil and 1/8th from Bhavya. Profit for the first year of the new partnership was ₹ 2,40,000. Pass necessary Journal entries for Cris’s admission and apportion the profit between the partners.

Anurag Pathak Changed status to publish November 12, 2023
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