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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 7 : 5. They admit C, their Manager, into partnership who is to get 1/6th share in the business. C brings in RS. 10,000 for his capital and RS. 3,600 for the 1/6th share of goodwill which he acquires 1/24th from A and B 1/18th from B. Profit for the first year of the new partnership was RS.24,000. Pass necessary Journal entries for C's admission and apportion the profit between the partners.

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Share of Profit: A-RS.13,000, B-RS.4,000.
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TS GREWAL-Admission of a Partner-EXERCISE
  1. M and J are partners in a firm sharing profits in the ratio of 3 : 2. ...

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  2. A and B are in partnership sharing profit and losses in the ratio of 5...

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  3. A and B are partners sharing profits and losses in the ratio of 7 : 5...

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  4. X and Y are partners sharing profits in the ratio of 3 : 1. Z is admit...

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  5. Anshul and Parul are partners sharing profits in the ratio of 3 : 2. T...

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  6. A and B are partners in a firm sharing profits and losses in the ratio...

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  7. Aun and Bhagwan were partners in a firm sharing profits in the ratio 3...

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  8. X and Y are partners in a firm sharing profits in the ratio of 3 : 2....

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  9. A and B are partners in a business sharing profits and losses in the r...

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  10. A and B were partners in a firm sahring profits and losses in the rati...

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  11. A and B are partners sharing profits in the ratio of 2 : 1. They admit...

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  12. A and B are partners sharing profits and losses in the ratio of 3 : 2....

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  13. On the admission of Rao, goodwill of Murty and Shah is valued at RS.30...

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  14. A and B are partners sharing profits in the ratio of 3 : 2. Their boo...

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  15. A, B and C are in partnership profits and losses in the ratio of 5 : 4...

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  16. Mohan and Sohan were partners in a firm sharing profits and losses in ...

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  17. Madan and Gopal are partners sharing profits in the ratio of 3 : 2. Th...

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  18. Anil and Sunil are partners in a firm with fixed capitals of RS.3,20,0...

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  19. A and B are partners in a firm with capital of RS.60,000 and RS.1,20,0...

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  20. Bhuwan and Shivam were partners in a firm sharing profit in the ratio ...

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