L and M were partners in a firm sharing profits in 4:3 ratio. They admitted O as a new partner. The new profit sharing ratio of L,M and O will be 3:3:4. O brought Rs.2,00,000 for his capital. The goodwill of the firm on O's admission was valued at Rs.70,000. O brought his share of goodwill in cash. Calculate sacrificing ratio of L and M and pass necessary journal entries for the above transactions on O's admission.

A and B are partners in a firm sharing profits in the ratio of 5:3. They admit C into the partnership for 3/10th share in profits which he takes 2/10th from A and 1/10th from A and 1/10th from B. C brings in Rs.3,000 as premium in cash out of his share of Rs.7,800. Goodwill account does not appear in the books of A and B. Give the necessary journal entries in the books of the new firm.

P and Q are partners in a firm sharing profits in the ratio of 7:5. They admit R as a partner in the firm. The new profit sharing ratio among P,Q and P,Q and R is 1:1:2. Calculate the sacrificing ratio.

A and B are partners sharing profits and losses in the ratio of 3:2 On 31st March, 2014 their Balance Sheet was as follows:

Liabilities	Rs	Assets	Rs
Capital Accounts		Goodwill	5,000
A	60,000	Plant and Machinery	65,000
B	50,000	Furniture	15,000
General Reserves	10,000	Investments	20,000
Sundry Creditors	50,000	Stock	20,000
		Sundry Debtors	30,000
		Cash in Hand	15,000
	1,70,000		1,70,000

C was admitted on the following terms:

(i)C is bring capital Rs.40,000 and Goodwill Rs.15,000

(ii)Partners agreed to share the future profits in the ratio of 5:3:2.

(iii)Investments will be appreciated by 20% and furniture depreciated by 10%

(iv)One customer who owed the firm Rs.2,000 becomes insolvent and nothing could be realised from him.

(v)Creditors will be written back by Rs.2,000

(vi)Outstanding bills for repair Rs.1,000 will be provided for

(vii)Interest accured on investments Rs.2,000

(viii)Capital of the partners shall be in proportion to their  profit sharing ratio. For this adjustments to be made through cash.

Prepare Revaluation account Partners' capital Account and the Balance sheet of the firm after C's admission.

Given below is the Balance Sheet of Krishna and Suresh who are partners in a firm sharing profits in the ratio of 3:2.

Liabilities		Rs	Assets	Rs
Creditors		15,000	Plant & Machinery	30,000
Reserves		5,000	Patents	5,000
Capital Accounts			Furniture	3,000
Krishna	30,000		Stock	16,000
Suresh	20,000	50,000	Debtors	15,000
			Cash	1,000
		70,000		70,000

On that date Mohan is admitted as a partner for 1/5th share on the following terms:

(a)He is to contribute Rs.14,000 as his share of capital which includes his share of premium for goodwill.

(b)Goodwill is valued at 2 years' purchase the average profits of the last 4years, which were Rs.10,000; Rs.9,000, Rs.8,000 and Rs.13,000 respectively.

(c)Plant to be written down to Rs.25,000 and patents written up by Rs.8,000.

(d)Unrecorded investment Rs.7,000

Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the new firm.

Asha and Nisha are partners sharing profits in the ratio of 2:1. Asha's son Ashish was admitted for 1/4th share, of which 1/8th was gifted by Asha to her son. The remaining was contributed by Nisha. Goodwill of the firm is valued at RS.40,000. How much of the goodwill will be credited to the old partner's capital accounts?  

A and B are partners sharing profits in the ratio of 5:3. They admit C for 1/4th share and agree to share future profits between them in the ratio of 2:1. Calculate new profit sharing ratio and sacrificing ratio.