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B and C are in partnership …

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B and C are in partnership sharing profit and losses as3:1.they admit D into the firm D paying a premium of 15000 for 1/3rd shares of the profit. As between themselves B and C agree to share the future Profit and losses equally. Draft journal entries for the treatment of goodwill

Posted by Accounts As 6 years, 2 months ago

CBSE > Class 12 > Accountancy

7 answers

Hero Time 6 years, 2 months ago

D's cap. AC Dr. (15000) .. To C's cap. AC (3750) To B's cap. AC (11250)

Reena Kumari 6 years, 2 months ago

D partner dr.15000 c partner dr.3750 To be partner 18750

Ankur V 6 years, 2 months ago

Sacrifice ratio = old ratio - new ratio

Ankur V 6 years, 2 months ago

now calculate sacrifice ratio of B and C then distribution entry will be premium for goodwill A/c Dr xxxx To Sacrificing partners cap A/C

Ankur V 6 years, 2 months ago

Cash Ac dr rs 15000 to premium for goodwill 15000 (being cash brought by D)

Aamir Beg 6 years, 2 months ago

Calculate sacrificing ratio than journalise

Accounts As 6 years, 2 months ago

Goodwill A/c Dr

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