being capital 20.
paid in cash by Ghosh)
Note No entry, treatment or effect will be shown for goodwill paid privately.
. Kia and Sia are partners sharing profits and losses in the ratio of 4 : 1. They agreed to admit Pia
into the partnership on 1st April, 2012 for 1/3rd share in profits. It was agreed that Kia, Sia and P
would share profits equally in future. Pia brought in 5,000 as goodwill (premium) for her 1/3rd
share in profits. Record the necessary journal entries in the books of the firm.
Identify the value being reflected by the new partner in contributing premium for her share of
goodwill
.
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