Question

Mr. Anand & Mr. Sunil are partners of the firm sharing profit and losses in the ratio of 3:2.
Their Trial Balance as on 31 st March 2012 is given below.

Answer 1

Explanation:

(i) JOURNAL

1. Cash a/c... Dr. 10500

To C's Capital a/c 7500

To Premium for goodwill a/c 3000

(Being capital and premium for goodwill brought in by C)

2. Premium for goodwill a/c... Dr. 3000