Question

What journal entries are passed in the books of the firm at the time of admission of new partner?

Answer 1

Explanation:

व्हाट जर्नल एंट्री आर पास्ड इन द बुक ऑफ द फॉक्स एंड द टाइम ऑफ एडमिशन ऑफ न्यू पार्टनर

Answer 2

According to AS 10, goodwill will only be credited if it has been rewarded in money or money's worth.

• It further states that a partner's goodwill will not be reflected in the firm's records if he or she joins, retires, or passes away.
• The previous partners are compensated for the loss of future revenue-sharing by a proportion of the new partner's Goodwill or Premium.
• As a result, when a spouse is welcomed, there are two methods for handling goodwill.