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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 in profits which he takes 1/6th from A and 1/12th from B. C brings RS 18,000 as goodwill out of his share of RS 30,000. Pass necessary Journal entries to record this arrangement.

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Notes: 1. A's Sacrifice -1/6 or 2/12, B's Sacrifice = 1/12, Thus, Sacrificing Ratio = 2/12: 1/12=2:1.
2. The unpaid amount of premium for goodewill may be adjusted either through Capital Accounts Account of the New Partner.
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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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