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X and Y are partners in a firm sharing p...

X and Y are partners in a firm sharing profits in the ratio of 3 : 2. On 1st April, 2019, they admit Z as a partner for 1/4th share in the profits. Z contributed following assets towards his capital and for his share of goodwill:
Stock RS.60,000, Debtors RS.80,000, Land RS.1,00,000, Plant and Machinery RS.40,000.
On the date of admission of Z, the goodwill of the firm was valued at RS.6,00,000.
Pass necessary Journal entries in the books of the firm on Z's admission.

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Goodwill Brought by Z-RS.1,50,000 and Capital RS.1,30,000, Share in Goodwill, X-RS.90,000, Y-RS.60,000.
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TS GREWAL-Admission of a Partner-EXERCISE
  1. A and B are partners in a firm sharing profits and losses in the ratio...

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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  16. Vinay and Naman are partenrs sharing profits in the ratio 4 : 1. Their...

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  17. X and Y are partners with capitals of RS.50,000 each. They admit Z as ...

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  18. Asin and Shreyas are partners in a firm. They admit Ajay as a new part...

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  19. Verma and Sharma are partners in a firm sharing profits and losses in ...

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  20. Disha and Divya are partners in a firm sharing profits in the ratio of...

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