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Mohit, Neeraj and Sohan are partners in ...

Mohit, Neeraj and Sohan are partners in a firm sharing profits in the ratio of `2 : 1 : 1`. Neeraj retires and Mohit and Sohan decided that the capital of the new firm will be fixed at Rs. 1,20,000. The capital accounts of Mohit and Sohan show a credit balance of Rs. 82,000 and Rs. 41,000 respectively after making all the adjustments. Calculate the actual cash to be paid off or to be brought in by the continuing partners and pass the necessary journal entries.

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The New Profit Sharing Ratio between Mohit and Sohan = 2 : 1


2. When the total capital of new firm is not specified.
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NCERT-RECONSTITUTION OF A PARTNERSHIP FIRM-RETIREMENT/DEATH OF A PARTNER -Numerical Question
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