A &B are partner sharing profit&loss in ratio 3:1 C has admitted a partner and given 1/5th share in profit C has to bring in rs50000 has his capital and his share of premium of the firm is 80000 give journal enteries premium in retained in the
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cash a/c dr 130000
to c's capital a/c 50000
to pemium for goodwill a/c 80000
(amount of capital and goowill grought in by c)
premium for goodwill a/c dr 80000
to a's capital a/c 20000
to b's capital a/c 60000
(goodwill transferred to capital a/c of a and b in their sacrificing ratio )
Explanation:
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