Question

12 A and B are partners with capital of Rs. 13,000 and Rs. 9,000 respectively. They admit C as a
partner with 1/5th share in the profit of the firm. C brings Rs. 8,000 as his capital. Give
journal entries to record goodwill.​

Answer 1

Answer:

Solution:-

C brings 8000 for 1/5 share

Since total capital of the firm = (8000 × 5/1) = 40000

Existing capital of the firm = (13000 + 9000 + 8000) = 30000

Goodwill = (40000 – 30000) = 10000

C’s share of goodwill = (10000 × 1/5) = 2000

Explanation:

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Answer 2

Answer:

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