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Q4. A partnership firm having 2 two partners viz., Partner Mr.Hood and partner Mr. Atif sharing profits and losses in the ratio od 2:1, wants

Q4. A partnership firm having 2 two partners viz., Partner Mr.Hood and partner Mr. Atif sharing profits and losses in the ratio od 2:1, wants to admit a new partner Mr.Mazin who is given 1/5th share in future profits. Mr. Mazin bring OMR 24,000 for goodwill and OMR 40,000 as his capital. 1. Calculate new profit sharing ratio of all partners 2 Marks 2. Record journal entries for goodwill and capital on admission of the new partner. 2 Marks

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