Question

Rajesh and Sushil are partners in a firm having a capital of 90,000 and 45.000 respectively, sharing profits in the ratio of 3:2. They decide to take Ashok in the firm giving him one fourth share in the profit and loss. Ashok invests a capital of 75,000. The goodwill of the firm is valued at 1.20,000. Give the journal entries in the following cases- (1) If Ashok gives his share of goodwill in cash personally to the old partners. (2) If the account of goodwill remains in the firm as an extra capital. (3) If the old partners draw the amount of goodwill.​

Answer 1

Explanation:

      Flora and fauna

Telangana, located strategically in the central region of the Indian sub-continent, has representatives of Indian plant and animal life. The vegetation found in the state is largely of dry deciduous type with a mixture of teak, and species of the genera Terminalia, Pterocarpus, Anogeissus etc .Telangana, by virtue of its unique location in the heart of Deccan Plateau enjoys unique climatic conditions. This is considered conducive for the thriving flora and fauna. There are renowned wildlife sanctuaries all over the region. Kawal is a dense forest region, which is home to endangered tigers.

Answer 2

Answer:

Explanation:

(3) When the Amount of Goodwill is received by the Firm and is withdrawn by the Old Partners: The amount of goodwill brought in by the incoming partner is credited to the existing partners with their respective share of goodwill and they may withdraw the amount fully or partially.