A and B are partners in the ratio of 3:4.They admit C for3/7 which he acquries2/7 from A and 1/7from B and brings $1000 as premium out of his share of goodwill of$1900.Goodwill Account does not appear in the books of A and B . Give necessary journal entries .
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Answers: for amount bought in by the incoming partner:
Bank a/c. Dr. 1000$
TO premium for goodwill a/c. 1000$
And for compensating sacrificing partner:
Premium for goodwill a/c. Dr. 1000$
Incoming partners current a/c. Dr. 900$
To sacrificing partners capital a/c 1900$
Explanation:
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Answer:yes answer bol
Explanation:
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