12th Class
Accountancy
Admission of a Partner
Question Bank
Case Baesd - Reconstitution Of a Partnership Firm : Admission of a Partner
question_answer
You are required to answer the following questions 44 to 45: X, Y and Z are partners. They admit M as a new partner. M brings only 50% of his share of premium for goodwill in cash for his 1/10th Share in profits. Other information: Profit and Loss A/c Dr. Balance Rs.18,000 was debited to the capital account of X Rs.9,000; Y Rs.6,000 and Z Rs.3,000. Premium for goodwill credited to the partners, out of which 50% was withdrawn by them as follows: X withdrew Rs.7,500; Y Rs.5,000 and Z Rs.2,500. New profit sharing ratio of the partners: