Question

Sunil and Dalip are partners in a firm sharing profits and losses in the ratio of
5:3. Sachin is admitted in the firm for 1/5th share of profits. He brings in
Rs. 20.000 as capital and Rs. 4.000 as his share of goodwill by cheque. Give the
necessary journal entries,
(a) When partners decided to retain goodwill in business.
(b) When the amount of goodwill is fully withdrawn.
(c) When 50% of the amount of goodwill is withdrawn.
1. Add file​

Answer 1

Answer:

(

i

)

C

a

s

h

A

/

C

D

r

.

24000

To Sachin's Capital

A

/

c

2400

(

i

i

)

Sachin's Capital

A

/

c

D

r

.

4000

To Sunil's Capital

A

/

c

2500

To Dalip's Capital

A

/

c

1500