Question

2)
Amit and Nancy share profits and losses in 3:2.
Balance Sheet
as at 31 March, 2020
Liabilities
Assets
Capital Account:
Fixed Assets
2,20,000
Amit
30,000
Stock
70,000
Nancy 20,000
Sundry Debtors
60,000
50.000
Cash at Bank
20,000
Reserve
50.000
Advertisement Expenditure 1,000
Profit and loss Alc 11,000
Sundry Creditors 1,60,000
Bills Payable
1,00,000
3.71000
3.71.000
They admit Susan as a partner on 1" April, 2020 for 1/4 share in the profits of the
firm. Susan brings 50,000 as his capital but is unable to bring in amount for
goodwill It was decided to calculate goodwill on the basis of Susan's share in profits
and capital contributed by him. Journalise to record goodwill.


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Answer 1

Answer:

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