Question

A and B are partners sharing profits and losses in ratio 4:3. C is admitted as a new partner
1
for
th share, which he takes entirely from A. Goodwill of the firm is valued at 1.80,000
6
C brings his share of goodwill in cash. Pass necessary journal entries

Answer 1

Answer:

cash account----- Dr. 1,80,000

To Goodwill account. 1,80,000

( being cash bring in a business)

Goodwill account------ Dr. 1,80,000

To 'A' capital account

To'B' capital account

( being goodwill distributed old partners.)

Explanation:

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