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X and y are partners in a firm sharing profits in the ratio of 4:3 on 1st April 2012 they admitted z as a new partner z brought in rs 100000 for his capital and 21000 for 1/3rd share of goodwill premium on z's admission goodwill appeared in the books of the firm at 28000

Posted by Sakshi Singh 2 years, 3 months ago

CBSE > Class 12 > Accountancy

1 answers

Baisnabi Chettri 2 years, 3 months ago

First we need to written off the Goodwill By X's capital account. Dr 16000 Y's capital account. Dr 12000 To Goodwill a/c. 28000(cr) (Goodwill written off) Cash/Bank a/c. Dr. 121,000 To z's capital a/c. 100000 To premium of g/w alc. 21000 (Cash and premium brought by z to business) Premium of g/w alc Dr. 21000 To X's capital a/c. 12000 To y's capital a/c. 9000

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