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A and B are partners in firm sharing profits and losses in the ratio of 3: 2. They admit C into partnership for 1/5th
A and B are partners in firm sharing profits and losses in the ratio of 3: 2. They admit C into partnership for 1/5th share. C brings in Rs.30, 000 as capital and Rs.10, 000 as goodwill. At the time of admission of C, goodwill appears in the Balance Sheet of A and B at Rs.3, 000. The new profit sharing ratio of the partners will be 5: 3:2. Pass necessary Journal entries.
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Step: 1
JOURNAL 1 As Capital ac Dr 1800 Bs Capital ac Dr 1200 To Goodw...
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Essentials of MIS
Authors: Kenneth C. Laudon, Jane P. Laudon
12th edition
134238249, 978-0134238241
