(When An Existing Partner also Gains on ...

(When An Existing Partner also Gains on Admission of New Partner).
Ram and Shyam are partnres sharing profits and losses in the ratio of 4:1. They admit Mohan into the partnership on 1st April, 2019 for 1/3rd share in porfits. It was agreed that Ram, Shayam and Mohan would share profits equally in future. Mohan brought in RS 50,000 as goodwill for his 1/3rd share in porfits. Pass necessary Journal entries in the books of the firm.

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