Question

A and b are partner in the ratio 3:4. They admit c for 3/7 whice he acquires 2/7 from a and 1/7 form b and bring rs 1000 as premium out of his share of goodwill of rs 1900. Goodwill account does not appear in the book of a and b , give necessary journal entries.

Answer 1

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A and b are partner in the ratio 3:4. They admit c for 3/7 whice he acquires 2/7 from a and 1/7 form b and bring rs 1000 as premium out of his share of goodwill of rs 1900. Goodwill account does not appear in the book of a and b. Journal entries is 3570.

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Thanks !!

Answer 2

Explanation:

Entry A: B =2/7 :1/7

share in goodwill

A =1900×1/3 = 1267

B= 1900×1/3=633

journal's entries

cashA/C .....Dr 1000

To c's capital A/c 900

To A' capital A/c 1267

To B' capitalA/c 633