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Anju and manju are partners sharing profit and losses in the proportion of 7:5. they agreeed to admit meenu their manager into partnership who is to get one sixth share in the business. meenu brings in ₹200000 for her capital and ₹96000 for 1/6th share of goodwill which she acquires 1/24th from anju and 1/8th from manju. the profit for the year of the new partnership amount to 480000₹. make necessary journal entries in connection eith meenu’s admission and divide the profit between the partners?
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Anju and manju are partners sharing profit and losses in the proportio...
Journal Entries for Meenu's Admission:

1. Meenu's Capital Account (Meenu brings in ₹200,000 for her capital)
- Debit: Meenu's Capital Account ₹200,000
- Credit: -

2. Cash/Bank Account (Meenu brings in ₹200,000 for her capital)
- Debit: -
- Credit: Cash/Bank Account ₹200,000

3. Meenu's Goodwill Account (Meenu acquires 1/6th share of goodwill)
- Debit: Meenu's Goodwill Account ₹96,000
- Credit: -

4. Anju's Capital Account (Meenu acquires 1/24th share of Anju's goodwill)
- Debit: Anju's Capital Account ₹4,000 (₹96,000 x 1/24)
- Credit: Meenu's Goodwill Account ₹4,000 (₹96,000 x 1/24)

5. Manju's Capital Account (Meenu acquires 1/8th share of Manju's goodwill)
- Debit: Manju's Capital Account ₹12,000 (₹96,000 x 1/8)
- Credit: Meenu's Goodwill Account ₹12,000 (₹96,000 x 1/8)

6. Meenu's Capital Account (Meenu acquires 1/6th share in the business)
- Debit: Meenu's Capital Account ₹100,000 (1/6 x ₹600,000)
- Credit: Anju's Capital Account ₹70,000 (7/12 x ₹600,000)
- Credit: Manju's Capital Account ₹30,000 (5/12 x ₹600,000)

Division of Profit:

1. Calculate the total profit for the year:
- Total Profit = ₹480,000

2. Calculate the interest on capital for each partner:
- Anju's Interest on Capital = ₹480,000 x (7/12) = ₹280,000
- Manju's Interest on Capital = ₹480,000 x (5/12) = ₹200,000
- Meenu's Interest on Capital = ₹480,000 x (1/6) = ₹80,000

3. Allocate the remaining profit to the partners in their profit-sharing ratio:
- Anju's Share of Profit = ₹480,000 x (7/12) = ₹280,000
- Manju's Share of Profit = ₹480,000 x (5/12) = ₹200,000
- Meenu's Share of Profit = ₹480,000 x (1/6) = ₹80,000

Journal Entries for Dividing the Profit:

1. Profit and Loss Account (For transferring the profit to the partners' capital accounts)
- Debit: Profit and Loss Account ₹760,000 (₹280,000 + ₹200,000 + ₹80,000)
- Credit: Anju's Capital Account ₹280,000
- Credit: Manju's Capital Account ₹200,000
- Credit: Meenu's Capital Account ₹80,000

2. Anju's Capital Account (For receiving her share of profit)
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Anju and manju are partners sharing profit and losses in the proportion of 7:5. they agreeed to admit meenu their manager into partnership who is to get one sixth share in the business. meenu brings in ₹200000 for her capital and ₹96000 for 1/6th share of goodwill which she acquires 1/24th from anju and 1/8th from manju. the profit for the year of the new partnership amount to 480000₹. make necessary journal entries in connection eith meenu’s admission and divide the profit between the partners?
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Anju and manju are partners sharing profit and losses in the proportion of 7:5. they agreeed to admit meenu their manager into partnership who is to get one sixth share in the business. meenu brings in ₹200000 for her capital and ₹96000 for 1/6th share of goodwill which she acquires 1/24th from anju and 1/8th from manju. the profit for the year of the new partnership amount to 480000₹. make necessary journal entries in connection eith meenu’s admission and divide the profit between the partners? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about Anju and manju are partners sharing profit and losses in the proportion of 7:5. they agreeed to admit meenu their manager into partnership who is to get one sixth share in the business. meenu brings in ₹200000 for her capital and ₹96000 for 1/6th share of goodwill which she acquires 1/24th from anju and 1/8th from manju. the profit for the year of the new partnership amount to 480000₹. make necessary journal entries in connection eith meenu’s admission and divide the profit between the partners? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Anju and manju are partners sharing profit and losses in the proportion of 7:5. they agreeed to admit meenu their manager into partnership who is to get one sixth share in the business. meenu brings in ₹200000 for her capital and ₹96000 for 1/6th share of goodwill which she acquires 1/24th from anju and 1/8th from manju. the profit for the year of the new partnership amount to 480000₹. make necessary journal entries in connection eith meenu’s admission and divide the profit between the partners?.
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