L and M are partners sharing profits and losses in the ratio of 3:2. N is admitted as a partner and is to be given 1/10 share of profits. N has to bring 80,000 as capital and his share of goodwill which is valued for the firm at rs 1,00,000. The old partners withdraw half the amount of goodwill. Pass the journal entries assuming that the capitals are fixed.
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Answer:
bank a/c Dr 90,000
to n's capital a/c 80,000
to premium for goodwill a/c 10,000
premium for goodwill a/c Dr 10,000
to L's current a/c 6,000
to M's current a/c 4,000
Explanation:
N's goodwill =1,00,000×1/10= 10,000
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