Question

A and B are partners in a firm sharing profits in the ratio of 3:2 .there balance sheet as 31st march 2019 stood as under ​

Answer 1

Explanation:

JOURNAL

1. A's Capital a/c.... Dr. 1200

B's Capital a/c.... Dr. 800

To Goodwill a/c 2000

(Being goodwill written off in the ratio of 3:2)

2. Cash a/c...... Dr. 10000

To C's Capital a/c 10000

(Being capital brought in by C)

3. C's Capital.... Dr. 3000

To A's Capital a/c 1800

To B's Capital a/c 1200

(Being C's share of goodwill charged to his capital account and distributed among the partners in the ratio of 3:2)

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