At the time of admission of a partner, who decides the share of profit of the new partner out of the firm’s profit? Post category:Accountancy Reading time:1 mins read SOLUTION Share of profit of the new partner is decided mutually among the old partners and the new partner. Please Share This Share this content Opens in a new window X Opens in a new window Facebook Opens in a new window Pinterest Opens in a new window LinkedIn Opens in a new window Viber Opens in a new window VK Opens in a new window Reddit Opens in a new window Tumblr Opens in a new window Viadeo Opens in a new window WhatsApp Read more articles Previous PostHow can a new partner be admitted? Next PostGive the two main rights acquired by the new partner. You Might Also Like Ram, Laxman and Bharat are partners sharing profits in the ratio of 3: 2: 1. Goodwill is appearing in the books at a value of Rs. 1,80,000. Laxman retires and at the time of his retirement, goodwill is valued at Rs. 2,52,000. Ram and Bharat decided to share future profits in the ratio of 2 : 1. The Profit for the first year after Laxman’s retirement amount to Rs. 1,20,000. Give the necessary Journal entries to record goodwill and to distribute the profit. Show your calculations clearly. August 3, 2022 Sandesh Ltd. took over the assets of Rs. 7,00,000 and liabilities of Rs. 2,00,000 from Sanchar Ltd. for a purchase consideration of Rs. 4,59,500. Rs. 8,500 were paid by accepting a draft in favour of Sanchar Ltd. payable after three months and the balance was paid by issue of equity shares of Rs. 10 each at a premium of 10% in favour of Sanchar Ltd.Pass necessary journal entries for the above transactions in the books of Sandesh Ltd. July 14, 2022 How does the factor ‘Location’ affect the goodwill of a firm? September 26, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Ram, Laxman and Bharat are partners sharing profits in the ratio of 3: 2: 1. Goodwill is appearing in the books at a value of Rs. 1,80,000. Laxman retires and at the time of his retirement, goodwill is valued at Rs. 2,52,000. Ram and Bharat decided to share future profits in the ratio of 2 : 1. The Profit for the first year after Laxman’s retirement amount to Rs. 1,20,000. Give the necessary Journal entries to record goodwill and to distribute the profit. Show your calculations clearly. August 3, 2022
Sandesh Ltd. took over the assets of Rs. 7,00,000 and liabilities of Rs. 2,00,000 from Sanchar Ltd. for a purchase consideration of Rs. 4,59,500. Rs. 8,500 were paid by accepting a draft in favour of Sanchar Ltd. payable after three months and the balance was paid by issue of equity shares of Rs. 10 each at a premium of 10% in favour of Sanchar Ltd.Pass necessary journal entries for the above transactions in the books of Sandesh Ltd. July 14, 2022