Question No: 2 10 Marks Ahmed and Ali are partners in a firm sharing profits and losses in the ratio of 2:1. As per their mutual consent Asad is admitted as a new partner paying a premium of RO 27,000 for 1/2th share of profits, which he acquires 1/5 from Ahmed and 1/10th from Ali. 3/4th of the Goodwill was withdrawn by old partners. Required: a) Calculate New Profit-Sharing ratio and Sacrificing Ratio. b) Give Journal Entries for Goodwill. c) Write the difference between Premium Method' and 'Revaluation Method'. (4 Marks) (2 Marks) (4 Marks) Page 3 of 5