MUS
A and B are partners sharing profits in the ratio of 3 : 2. They admit Cinto
partnership. C pays a premium of Rs. 1,000 for 1/4 share of profit. No goodwill
scount appears in the books. They withdraw the amount of goodwill, Joumalise,
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Explanation:
premium for goodwill a/c Dr 1000
To A's capital a/c 600
To B's capital a/c 400
( being distribution of goodwill premium)
A's capital a/c Dr 600
B's capital a/c Dr 400
To bank a/c 1000
( being withdrawal of goodwill premium)
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