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Hii!, my question is ---
x and y share profit and losses in the ratio of 3:2 they admit z as a new partner who pays ₹72000 as premium for Goodwill for 1/4th share in the future profits of the firm.
pass journal entries appropriating the premium money and show the new profit sharing ratio in each of the following cases:
(1) if her acquires his share of profits in the original ratio of existing partners.
(2)if he acquires his share of profits in equal proportions from the existing partners.?
x and y share profit and losses in the ratio of 3:2 they admit z as a new partner who pays ₹72000 as premium for Goodwill for 1/4th share in the future profits of the firm.
pass journal entries appropriating the premium money and show the new profit sharing ratio in each of the following cases:
(1) if her acquires his share of profits in the original ratio of existing partners.
(2)if he acquires his share of profits in equal proportions from the existing partners.?
Most Upvoted Answer
Hii!, my question is ---x and y share profit and losses in the ratio o...
Journal Entries and New Profit Sharing Ratio:
Journal Entries:
1. For premium brought in by Z:
- Z's Capital A/c Dr. ₹72,000
To Goodwill A/c ₹72,000
2. For revaluing the goodwill and distributing among existing partners:
- Goodwill A/c Dr. ₹72,000
To X's Capital A/c ₹43,200
To Y's Capital A/c ₹28,800
New Profit Sharing Ratio:
1. If Z acquires his share of profits in the original ratio of existing partners:
- X:Y:Z = 3:2:1/4 = 12:8:1
- New ratio = (3/4*12):(2/4*8):1 = 9:4:1
2. If Z acquires his share of profits in equal proportions from the existing partners:
- New ratio = (3/5*3):(2/5*2):1 = 9:4:1
In the first case, Z acquires a 1/4 share in the existing profit-sharing ratio, resulting in a new ratio of 9:4:1. In the second case, Z acquires an equal proportion of profits from X and Y, leading to the same new ratio of 9:4:1.
Journal Entries:
1. For premium brought in by Z:
- Z's Capital A/c Dr. ₹72,000
To Goodwill A/c ₹72,000
2. For revaluing the goodwill and distributing among existing partners:
- Goodwill A/c Dr. ₹72,000
To X's Capital A/c ₹43,200
To Y's Capital A/c ₹28,800
New Profit Sharing Ratio:
1. If Z acquires his share of profits in the original ratio of existing partners:
- X:Y:Z = 3:2:1/4 = 12:8:1
- New ratio = (3/4*12):(2/4*8):1 = 9:4:1
2. If Z acquires his share of profits in equal proportions from the existing partners:
- New ratio = (3/5*3):(2/5*2):1 = 9:4:1
In the first case, Z acquires a 1/4 share in the existing profit-sharing ratio, resulting in a new ratio of 9:4:1. In the second case, Z acquires an equal proportion of profits from X and Y, leading to the same new ratio of 9:4:1.
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Hii!, my question is ---x and y share profit and losses in the ratio of 3:2 they admit z as a new partner who pays ₹72000 as premium for Goodwill for 1/4th share in the future profits of the firm.pass journal entries appropriating the premium money and show the new profit sharing ratio in each of the following cases:(1) if her acquires his share of profits in the original ratio of existing partners. (2)if he acquires his share of profits in equal proportions from the existing partners.?
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Hii!, my question is ---x and y share profit and losses in the ratio of 3:2 they admit z as a new partner who pays ₹72000 as premium for Goodwill for 1/4th share in the future profits of the firm.pass journal entries appropriating the premium money and show the new profit sharing ratio in each of the following cases:(1) if her acquires his share of profits in the original ratio of existing partners. (2)if he acquires his share of profits in equal proportions from the existing partners.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Hii!, my question is ---x and y share profit and losses in the ratio of 3:2 they admit z as a new partner who pays ₹72000 as premium for Goodwill for 1/4th share in the future profits of the firm.pass journal entries appropriating the premium money and show the new profit sharing ratio in each of the following cases:(1) if her acquires his share of profits in the original ratio of existing partners. (2)if he acquires his share of profits in equal proportions from the existing partners.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Hii!, my question is ---x and y share profit and losses in the ratio of 3:2 they admit z as a new partner who pays ₹72000 as premium for Goodwill for 1/4th share in the future profits of the firm.pass journal entries appropriating the premium money and show the new profit sharing ratio in each of the following cases:(1) if her acquires his share of profits in the original ratio of existing partners. (2)if he acquires his share of profits in equal proportions from the existing partners.?.
Hii!, my question is ---x and y share profit and losses in the ratio of 3:2 they admit z as a new partner who pays ₹72000 as premium for Goodwill for 1/4th share in the future profits of the firm.pass journal entries appropriating the premium money and show the new profit sharing ratio in each of the following cases:(1) if her acquires his share of profits in the original ratio of existing partners. (2)if he acquires his share of profits in equal proportions from the existing partners.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Hii!, my question is ---x and y share profit and losses in the ratio of 3:2 they admit z as a new partner who pays ₹72000 as premium for Goodwill for 1/4th share in the future profits of the firm.pass journal entries appropriating the premium money and show the new profit sharing ratio in each of the following cases:(1) if her acquires his share of profits in the original ratio of existing partners. (2)if he acquires his share of profits in equal proportions from the existing partners.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Hii!, my question is ---x and y share profit and losses in the ratio of 3:2 they admit z as a new partner who pays ₹72000 as premium for Goodwill for 1/4th share in the future profits of the firm.pass journal entries appropriating the premium money and show the new profit sharing ratio in each of the following cases:(1) if her acquires his share of profits in the original ratio of existing partners. (2)if he acquires his share of profits in equal proportions from the existing partners.?.
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