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Ms. Wisal and Ms. Sameera are partners in a firm sharing profits and losses in the ratio of 3:2. The goodwill of the firm is
Ms. Wisal and Ms. Sameera are partners in a firm sharing profits and losses in the ratio of 3:2. The goodwill of the firm is valued at OMR 20,000 and Mr. Aslam who is admitted to 1/4 share in its profits. He brings in OMR 5,000 as his share of goodwill. Goodwill already appeared in books at OMR 10,000 and there is no decision to retain it. What journal entry shall be recorded for writing off the existing amount of goodwill Dr Ms. Wisal A/c OMR 12,000 Dr. Ms. Sameera A/c OMR 8000 Cr.goodwill A/C OMR 20,000 None of the choices Dr Ms. Wisal A/c OMR 6000 Dr. Ms. Sameera's A/c OMR 4000 Cr.Cash A/c OMR 10,000 Dr Ms. Wisal A/c OMR 6,000 Dr. Ms. Sameera A/c OMR 4,000 Cr.goodwill A/c OMR 10,000
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