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A and B are partners sharing profits and...

A and B are partners sharing profits and losses in the ratio of 3 : 2. They admit C into partnership for 1/4th share, which he takes 1/6th from A and 1/12th from B. Goodwill appears in the books at 20,000. C brings RS 18,000 as goodwill out of his share of RS 30,000. It was decided that shortfall in amount shall be debited to C's Current Account.
Pass necessary Journal entries for the above.

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Note: A's Sacrifice =1/6 or 2/12, B's Sacifice =1/12, Thus, Sacrificing Ratio =1/12: 1/12=2 :1.
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TS GREWAL-Admission of a Partner-EXERCISE
  1. A and B are partners sharing profits and losses in the ratio of 3 : 2....

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  2. X, Y and Z are partners sharing profits and losses in the ratio of 5 :...

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  3. Ravi and Mukesh are sharing profits in the ratio of 7 : 3. They admit...

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  4. A and B are partners sharing and losses in the porportion of 7 : 5. Th...

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  5. A, B and C were partners in a firm sharing profits in the ratio of 3 :...

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  6. Bharati and Astha were partners sharing profits in the ratio of 3 : 2....

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  7. X and Y are partners in a firm sharing profits and losses in the ratio...

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  8. R and S are partners sharing profits in the ratio of 5 : 3. T joins th...

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  9. Kabir and Farid are partners in a firm sharing profits and losses in t...

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  10. Find New Profit-sharing Ratio: (i) R and T are partners in a firm sh...

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  11. X and Y are partners sharing profits in the ratio of 3 : 2. They admit...

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  12. Rakesh and Suresh are sharing profits in the ratio of 4 : 3. Zaheer jo...

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  13. A and B are partners sharing profits in the ratio of 3 : 2. C is admi...

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  14. A, B and C are partners sharing profits in the ratio of 4 : 3 : 2. D i...

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  15. A, B, C and D are in partnership sharing profits and losses in the rat...

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  16. X and Y are partners sharing profits and losses in the of 3 : 2. They ...

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  17. A, B and C are partners sharing profits in the ratio of 2 : 2 : 1, D i...

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  18. A and B are in partnership sharing profits and losses as 3 : 2. C is a...

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  19. P and Q are partners sharing profits in the ratio of 3 : 2. They admit...

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  20. A and B are partners sharing profits and losses in the ratio of 2 : 1....

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  21. A and B are partners sharing profits and losses in the ratio of 2 : 5....

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