Question

Please answer the question in the pic.

Answer 1

profits on 1st April, 2019. They also decide to share future profits equally. Goodwill of the firm was valued at 5,50,000. Goodwill existed in the books of account at ₹1,00,000, which the partners decide to carry forward.

Sooraj is unable to bring his share of goodwill. Pass the necessary Journal entries on admission of Sooraj, if:

(a) Goodwill is not to be raised and written off; and

(b) Goodwill is to be raised and written off.

Answer 2

Explanation:

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refer to the attachment of