Partnership Admission Wassem and Waqar are partners sharing profit and losses on their capital balances their capital are Rs. 120,000 and Rs. 80,000 respectively. On March 1 st 2009 they agreed admit...

Partnership Admission

Wassem and Waqar are partners sharing profit and losses on their capital balances their capital are Rs. 120,000 and Rs. 80,000 respectively. On March 1^st
2009 they agreed admit to Mr. Aqib as a new partner.

Required: Give entries in general jounal to record the admission of Mr. Aqib under each of the following situations independently:

1. Aqib invest Cash Rs. 50,000 for ¼ interest the total capital of the firm is to be increased only the amount of Aqib’s investment.


2. Aqib invent Rs. 40,000 cash for ¼ interests. The older partner contain and remain unchanged their present capital balances


3. Aqib invest sufficient cash for ½ interest in total capital


4. Aqib purchased 1/3 of total ownership form Mr. Waseem in cash.