Sachin and Kapil are partners sharing profits and losses in the ratio of 2 : 3. On 1st April, 2023, they admit Amit into partnership for 1/4th share in profits. Amit brought ₹ 2,00,000 for his capital and ₹ 36,000 as premium for his share in the profits.

Anurag Pathak
June 28, 2023
[ISC] Admission of Partner, [ISC} TS Grewal Solutions, Accountancy Class 12th

1.55K viewsJune 28, 2023[ISC] Admission of Partner [ISC} TS Grewal Solutions Accountancy Class 12th

Anurag Pathak24.20K June 28, 2023 0 Comments

Sachin and Kapil are partners sharing profits and losses in the ratio of 2 : 3. On 1st April, 2023,

they admit Amit into partnership for 1/4th share in profits. Amit brought ₹ 2,00,000 for his capital and ₹ 36,000 as premium for his share in the profits.

The new profit sharing ratio of Sachin, Kapil and Amit is agreed to be 3 : 3 : 2. Sachin Kapil withdraw the premium for goodwill from the business.

Pass necessary Journal entries when the firm follows Fixed Capital Accounts Method.

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