Illustration 16
Sunil and Dalip are partners in a firm sharing profits and losses in the ratio of
5:3 Sachin is admitted in the firm for 1/5 share of profits. He is to bring in
Rs. 20,000 as capital and Rs. 4,000 as his share of goodwill. Give the necessary
journal entries,
(a) When the amount of goodwill is retained in the business,
(b) When the amount of goodwill is fully withdrawn.
(C) When 50% of the amount of goodwill is fully withdrawn.
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