A and B were partners in a firm sharing profits and losses

31 :- A and B were partners in a firm sharing profits and losses in the ratio of 3 : 2. They admitted C as a new partner for 3/7th share in the profit and the new profit sharing ratio will be 2 : 2 : 3. C brought Rs 2,00,000 as his capital and Rs 1,50,000 as premium for goodwill. Half of their share of premium was withdrawn by A and B from the firm.
Calculate sacrificing ratio and pass necessary Journal entries for the above transactions in the books of the firm.

Solution :-

WORKING NOTES :-
Calculation of their gaining/sacrificing share
Old share – new share
A = 3/5 – 2/7 = 11/35
B = 2/5 – 2/7 = 4/35
Thus, sacrificing ratio is 11:4