(Premium for Goodwill withdrawn Partially). A and B were partners in a firm sharing profits in th
Channel: Doubtnut
Date: 2020-03-29

(Premium for Goodwill withdrawn Partially). A and B were partners in a firm sharing profits in the ratio of 4 : 3. They admitted C as a new partner for 3/7th share in the profits of the firm. New profit-sharing ratio will be 2 : 2 : 3. C brought RS 2,00,000 as his capital and RS 60,000 for his share of premium for goodwill, half of which was withdrawn by A and B from the firm. Calculate sacrficing ratio and pass necessary Journal entries in the books of the firm for the above transactions.