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A &B are partners in a firm sharing profits & losses in the ratio of 3:2 they admit C into partnership for 1by5th share. C brings 30000 as capital and 10000 as goodwill. At the time of admission of C goodwill appeared in the balance sheet of A&B at 3000. New profit sharing ratio of the partners will be 5:3:2. Pass necessary journal entries ?
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A &B are partners in a firm sharing profits & losses in the ratio of 3...
1.Bank A/C dr. 40000.
To C's capital A. C 30000
To premium for good will A/C 10000
( being For the amount of capital and premium brought in cash by C)

2. A's capital a/c dr. 1800
B's capital a/c. 1200
To goodwill a/c. 3000
( being goodwill written off among old partner in old ratio.)

3.Premium for goodwill a/c dr. 10000
To A,'s capital a/c 5000
To B's capital a/c. 5000
( being for the amount of goodwill transferred to partner's capital a/cs in their sacrificing ratio i. e. 1:1).

Thank You.
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A &B are partners in a firm sharing profits & losses in the ratio of 3...
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A &B are partners in a firm sharing profits & losses in the ratio of 3:2 they admit C into partnership for 1by5th share. C brings 30000 as capital and 10000 as goodwill. At the time of admission of C goodwill appeared in the balance sheet of A&B at 3000. New profit sharing ratio of the partners will be 5:3:2. Pass necessary journal entries ?
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A &B are partners in a firm sharing profits & losses in the ratio of 3:2 they admit C into partnership for 1by5th share. C brings 30000 as capital and 10000 as goodwill. At the time of admission of C goodwill appeared in the balance sheet of A&B at 3000. New profit sharing ratio of the partners will be 5:3:2. Pass necessary journal entries ? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about A &B are partners in a firm sharing profits & losses in the ratio of 3:2 they admit C into partnership for 1by5th share. C brings 30000 as capital and 10000 as goodwill. At the time of admission of C goodwill appeared in the balance sheet of A&B at 3000. New profit sharing ratio of the partners will be 5:3:2. Pass necessary journal entries ? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A &B are partners in a firm sharing profits & losses in the ratio of 3:2 they admit C into partnership for 1by5th share. C brings 30000 as capital and 10000 as goodwill. At the time of admission of C goodwill appeared in the balance sheet of A&B at 3000. New profit sharing ratio of the partners will be 5:3:2. Pass necessary journal entries ?.
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