Solve ques 8

Solve ques 8 S. Sumit and Amit are partners sharing-profits in the ratio Of 4 : 3 : 3, Gunit decided to devote less time to business and accepted to reduce his profit-share to One-halt. Sumit and Amit took the sacrificed share equally. Goodwill Of the firm was valued at SOOOOO. Cakulate new profit-sharing ratio and pass the Journal entry for goodwill. IAns.: New profit-sharing Ratio—I :

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  • 1
Gunit's old share = 4/10
It is given that he reduced his profit share to onr half
4/10 *1/2=4/20 or 1/5
1/5 will be his new share and the other 1/5 will be shared equally by sumit and amit
sumit's share=3/10+1/10=4/10 or 2/5
amit's share = 3/10 + 1/10 = 4/10 or 2/5

new profit sharing ratio = 1:2:2

Sumit's capital ac dr 50,000
Amit's capital ac dr 50,000
  to Gumit's capital ac  1,00,000

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  • 3
Gnit, sumit and amit are partners
  • -4
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