Question

Chill and dhil are partners sharing profits and losses equally .they admit gill for 1/4th share by paying RS.5,000 out of his share of Rs,9,000 good will. Good will already in books at RS,30,000 pass journal entries

Answer 1

Answer:

chill capital A/C Dr. 15000

Dhill capital A/C Dr. 15000

To Goodwill A/C. 30000

Bank A/C Dr 5000

To Prem. for goodwill A/C 5000

Bank A/C Dr 4000

To gill' s current A/C 4000

Prem. for goodwill A/c Dr. 5000

To chill capital A/C 2500

To Dhill capital A/C 2500

Ghill current A/c Dr. 4000

To chill capital A/C 2000

To dhill capital A/C. 2000