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Ms. Wisal and Ms. Salma are partners in a firm sharing profits and losses in the ratio of 5:3. They decided to admit Ms. Ameera
Ms. Wisal and Ms. Salma are partners in a firm sharing profits and losses in the ratio of 5:3. They decided to admit Ms. Ameera into partnership with 1/4 share in profits. Ms. Ameera brings in OMR 30,000 for capital and the required amount of premium in cash. The goodwill of the firm is valued at OMR 20,000. The new profit sharing ratio is 2:1:1. 1. Calculate Ms. Wisal's sacrificing ratio None of the choices 1:8 8:1 2:4 2. Calculate Ms. Salma's sacrificing ratio? 3. If Ms. Wisal and Ms. Salma withdraw their share of goodwill, pass the journal entry to show cash withdrawn by the partners
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