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Question 37 Chapter 5 - Class 12 Part 1 Unimax
37. K, L and M are partners with respective capitals of Rs. 30000, Rs. 20000 and Rs. 10000 and sharing profits in the ratio of 3 : 2 : 1. They agreed to admit N for 1/6th share on the terms that he will bring Rs. 20000 as capital and Rs. 10000 as premium for goodwill, and that M would retain his original share. N paid in his capital money but in respect of premium money he could bring in only Rs. 5000 and in regard to unpaid amount, it was decided that the firm will treat it as loan carrying interest @ 18% per annum. Give journal entries.
Journal
Working Note :
If nothing has been mentioned in deed then old partners will sacrifice in their old ratio i.e. 3 : 2. (Here except M’s ratio because he would retain his old share)
End of Solution
The solution to all questions of Chapter No. 5 – Partnership Accounts-IV (Admission of A Partner) Class 12 Unimax is shown as follows, click on the image of the question to get the solution.
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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