Question: Type or paste questio n here Question No:2 10 Marks Robert and Robin are partners in a firm sharing profits and losses in the ratio

Type or paste questio Type or paste question here Question No:2 10 Marks Robert and Robin n here

Question No:2 10 Marks Robert and Robin are partners in a firm sharing profits and losses in the ratio of 3:2. As per their mutual conser Rony is admitted as a new partner paying a premium of RO 72,000 for half of share of profits, which he acquire 25" from Robert and 3/5 from Robin 40% of the Goodwill was withdrawn by old partners. Required: a) Calculate New Profit-Sharing ratio and Sacrificing Ratio. (4 Marks b) Give Journal Entries for Goodwill. (2 Marks c) Write the difference between Premium Method' and 'Revaluation Method'. (4 Marks Page 3 of 5

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