Anu and Bhagwan were partners in a firm sharing profits in the ratio of 3 : 1. Goodwill appeared in the books at ₹ 4,40,000. Raja was admitted to the partnership. New profit sharing ratio among Anu, Bhagwan and Raja was 2 : 2 : 1.

Raja brought ₹ 1,00,000 for his capital and necessary cash for his goodwill premium. Goodwill of the firm was valued at ₹ 2,50,000.

Record necessary Journal entries in the books of the firm for the above transactions.

Anurag Pathak Changed status to publish May 20, 2023
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