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Based on the below information, you are required to answer the given questions:Sterling Enterprises is a partnership business with Ryan, Williams and Sania as partners engaged in production and sales of electrical items and equipment. Their capital contributions were ₹50,00,000, ₹ 50,00,000 and ₹80,00,000 respectively with the profit sharing ratio of 5:5:8. As they are now looking forward to expanding their business, it was decided that they would bring in sufficient cash to double their respective capitals. This was duly followed by Ryan and Williams but due to unavoidable reasons Sania could not do so and ultimately it was agreed that to bridge the shortfall in the required capital a new partner should be admitted who would bring in the amount that Sania could not bring and that the new partner would get share of profits equal to half of Sania’s share which would be sacrificed by Sania only.Consequent to this agreement Ejaz was admitted and he brought in the required capital and ` 30,00,000 as premium for goodwill.What will be the correct journal entry for the distribution of Premium for Goodwill brought in by Ejaz?a)Ejaz Capital A/c Dr. 30,00,000To Sania’s Capital A/c30,00,000(Being…………..)b)Premium for Goodwill A/c Dr. 30,00,000To Sania’s Capital A/c 30,00,000(Being…………..)c)Premium for Goodwill A/c… Dr. 30,00,000To Ryan's Capital A/c 8,33,333To William’s Capital A/c 8,33,333To Ejaz’s Capital A/c 13,33,333(Being…………..)d)Premium for Goodwill A/c… Dr. 30,00,000To Ryan's Capital A/c 10,00,000To William’s Capital A/c 10,00,000To Ejaz’s Capital A/c 10,00,000(Being…………..)Correct answer is option 'B'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Based on the below information, you are required to answer the given questions:Sterling Enterprises is a partnership business with Ryan, Williams and Sania as partners engaged in production and sales of electrical items and equipment. Their capital contributions were ₹50,00,000, ₹ 50,00,000 and ₹80,00,000 respectively with the profit sharing ratio of 5:5:8. As they are now looking forward to expanding their business, it was decided that they would bring in sufficient cash to double their respective capitals. This was duly followed by Ryan and Williams but due to unavoidable reasons Sania could not do so and ultimately it was agreed that to bridge the shortfall in the required capital a new partner should be admitted who would bring in the amount that Sania could not bring and that the new partner would get share of profits equal to half of Sania’s share which would be sacrificed by Sania only.Consequent to this agreement Ejaz was admitted and he brought in the required capital and ` 30,00,000 as premium for goodwill.What will be the correct journal entry for the distribution of Premium for Goodwill brought in by Ejaz?a)Ejaz Capital A/c Dr. 30,00,000To Sania’s Capital A/c30,00,000(Being…………..)b)Premium for Goodwill A/c Dr. 30,00,000To Sania’s Capital A/c 30,00,000(Being…………..)c)Premium for Goodwill A/c… Dr. 30,00,000To Ryan's Capital A/c 8,33,333To William’s Capital A/c 8,33,333To Ejaz’s Capital A/c 13,33,333(Being…………..)d)Premium for Goodwill A/c… Dr. 30,00,000To Ryan's Capital A/c 10,00,000To William’s Capital A/c 10,00,000To Ejaz’s Capital A/c 10,00,000(Being…………..)Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Based on the below information, you are required to answer the given questions:Sterling Enterprises is a partnership business with Ryan, Williams and Sania as partners engaged in production and sales of electrical items and equipment. Their capital contributions were ₹50,00,000, ₹ 50,00,000 and ₹80,00,000 respectively with the profit sharing ratio of 5:5:8. As they are now looking forward to expanding their business, it was decided that they would bring in sufficient cash to double their respective capitals. This was duly followed by Ryan and Williams but due to unavoidable reasons Sania could not do so and ultimately it was agreed that to bridge the shortfall in the required capital a new partner should be admitted who would bring in the amount that Sania could not bring and that the new partner would get share of profits equal to half of Sania’s share which would be sacrificed by Sania only.Consequent to this agreement Ejaz was admitted and he brought in the required capital and ` 30,00,000 as premium for goodwill.What will be the correct journal entry for the distribution of Premium for Goodwill brought in by Ejaz?a)Ejaz Capital A/c Dr. 30,00,000To Sania’s Capital A/c30,00,000(Being…………..)b)Premium for Goodwill A/c Dr. 30,00,000To Sania’s Capital A/c 30,00,000(Being…………..)c)Premium for Goodwill A/c… Dr. 30,00,000To Ryan's Capital A/c 8,33,333To William’s Capital A/c 8,33,333To Ejaz’s Capital A/c 13,33,333(Being…………..)d)Premium for Goodwill A/c… Dr. 30,00,000To Ryan's Capital A/c 10,00,000To William’s Capital A/c 10,00,000To Ejaz’s Capital A/c 10,00,000(Being…………..)Correct answer is option 'B'. Can you explain this answer?.

Solutions for Based on the below information, you are required to answer the given questions:Sterling Enterprises is a partnership business with Ryan, Williams and Sania as partners engaged in production and sales of electrical items and equipment. Their capital contributions were ₹50,00,000, ₹ 50,00,000 and ₹80,00,000 respectively with the profit sharing ratio of 5:5:8. As they are now looking forward to expanding their business, it was decided that they would bring in sufficient cash to double their respective capitals. This was duly followed by Ryan and Williams but due to unavoidable reasons Sania could not do so and ultimately it was agreed that to bridge the shortfall in the required capital a new partner should be admitted who would bring in the amount that Sania could not bring and that the new partner would get share of profits equal to half of Sania’s share which would be sacrificed by Sania only.Consequent to this agreement Ejaz was admitted and he brought in the required capital and ` 30,00,000 as premium for goodwill.What will be the correct journal entry for the distribution of Premium for Goodwill brought in by Ejaz?a)Ejaz Capital A/c Dr. 30,00,000To Sania’s Capital A/c30,00,000(Being…………..)b)Premium for Goodwill A/c Dr. 30,00,000To Sania’s Capital A/c 30,00,000(Being…………..)c)Premium for Goodwill A/c… Dr. 30,00,000To Ryan's Capital A/c 8,33,333To William’s Capital A/c 8,33,333To Ejaz’s Capital A/c 13,33,333(Being…………..)d)Premium for Goodwill A/c… Dr. 30,00,000To Ryan's Capital A/c 10,00,000To William’s Capital A/c 10,00,000To Ejaz’s Capital A/c 10,00,000(Being…………..)Correct answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for Commerce. Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.

Here you can find the meaning of Based on the below information, you are required to answer the given questions:Sterling Enterprises is a partnership business with Ryan, Williams and Sania as partners engaged in production and sales of electrical items and equipment. Their capital contributions were ₹50,00,000, ₹ 50,00,000 and ₹80,00,000 respectively with the profit sharing ratio of 5:5:8. As they are now looking forward to expanding their business, it was decided that they would bring in sufficient cash to double their respective capitals. This was duly followed by Ryan and Williams but due to unavoidable reasons Sania could not do so and ultimately it was agreed that to bridge the shortfall in the required capital a new partner should be admitted who would bring in the amount that Sania could not bring and that the new partner would get share of profits equal to half of Sania’s share which would be sacrificed by Sania only.Consequent to this agreement Ejaz was admitted and he brought in the required capital and ` 30,00,000 as premium for goodwill.What will be the correct journal entry for the distribution of Premium for Goodwill brought in by Ejaz?a)Ejaz Capital A/c Dr. 30,00,000To Sania’s Capital A/c30,00,000(Being…………..)b)Premium for Goodwill A/c Dr. 30,00,000To Sania’s Capital A/c 30,00,000(Being…………..)c)Premium for Goodwill A/c… Dr. 30,00,000To Ryan's Capital A/c 8,33,333To William’s Capital A/c 8,33,333To Ejaz’s Capital A/c 13,33,333(Being…………..)d)Premium for Goodwill A/c… Dr. 30,00,000To Ryan's Capital A/c 10,00,000To William’s Capital A/c 10,00,000To Ejaz’s Capital A/c 10,00,000(Being…………..)Correct answer is option 'B'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Based on the below information, you are required to answer the given questions:Sterling Enterprises is a partnership business with Ryan, Williams and Sania as partners engaged in production and sales of electrical items and equipment. Their capital contributions were ₹50,00,000, ₹ 50,00,000 and ₹80,00,000 respectively with the profit sharing ratio of 5:5:8. As they are now looking forward to expanding their business, it was decided that they would bring in sufficient cash to double their respective capitals. This was duly followed by Ryan and Williams but due to unavoidable reasons Sania could not do so and ultimately it was agreed that to bridge the shortfall in the required capital a new partner should be admitted who would bring in the amount that Sania could not bring and that the new partner would get share of profits equal to half of Sania’s share which would be sacrificed by Sania only.Consequent to this agreement Ejaz was admitted and he brought in the required capital and ` 30,00,000 as premium for goodwill.What will be the correct journal entry for the distribution of Premium for Goodwill brought in by Ejaz?a)Ejaz Capital A/c Dr. 30,00,000To Sania’s Capital A/c30,00,000(Being…………..)b)Premium for Goodwill A/c Dr. 30,00,000To Sania’s Capital A/c 30,00,000(Being…………..)c)Premium for Goodwill A/c… Dr. 30,00,000To Ryan's Capital A/c 8,33,333To William’s Capital A/c 8,33,333To Ejaz’s Capital A/c 13,33,333(Being…………..)d)Premium for Goodwill A/c… Dr. 30,00,000To Ryan's Capital A/c 10,00,000To William’s Capital A/c 10,00,000To Ejaz’s Capital A/c 10,00,000(Being…………..)Correct answer is option 'B'. Can you explain this answer?, a detailed solution for Based on the below information, you are required to answer the given questions:Sterling Enterprises is a partnership business with Ryan, Williams and Sania as partners engaged in production and sales of electrical items and equipment. Their capital contributions were ₹50,00,000, ₹ 50,00,000 and ₹80,00,000 respectively with the profit sharing ratio of 5:5:8. As they are now looking forward to expanding their business, it was decided that they would bring in sufficient cash to double their respective capitals. This was duly followed by Ryan and Williams but due to unavoidable reasons Sania could not do so and ultimately it was agreed that to bridge the shortfall in the required capital a new partner should be admitted who would bring in the amount that Sania could not bring and that the new partner would get share of profits equal to half of Sania’s share which would be sacrificed by Sania only.Consequent to this agreement Ejaz was admitted and he brought in the required capital and ` 30,00,000 as premium for goodwill.What will be the correct journal entry for the distribution of Premium for Goodwill brought in by Ejaz?a)Ejaz Capital A/c Dr. 30,00,000To Sania’s Capital A/c30,00,000(Being…………..)b)Premium for Goodwill A/c Dr. 30,00,000To Sania’s Capital A/c 30,00,000(Being…………..)c)Premium for Goodwill A/c… Dr. 30,00,000To Ryan's Capital A/c 8,33,333To William’s Capital A/c 8,33,333To Ejaz’s Capital A/c 13,33,333(Being…………..)d)Premium for Goodwill A/c… Dr. 30,00,000To Ryan's Capital A/c 10,00,000To William’s Capital A/c 10,00,000To Ejaz’s Capital A/c 10,00,000(Being…………..)Correct answer is option 'B'. Can you explain this answer? has been provided alongside types of Based on the below information, you are required to answer the given questions:Sterling Enterprises is a partnership business with Ryan, Williams and Sania as partners engaged in production and sales of electrical items and equipment. Their capital contributions were ₹50,00,000, ₹ 50,00,000 and ₹80,00,000 respectively with the profit sharing ratio of 5:5:8. As they are now looking forward to expanding their business, it was decided that they would bring in sufficient cash to double their respective capitals. This was duly followed by Ryan and Williams but due to unavoidable reasons Sania could not do so and ultimately it was agreed that to bridge the shortfall in the required capital a new partner should be admitted who would bring in the amount that Sania could not bring and that the new partner would get share of profits equal to half of Sania’s share which would be sacrificed by Sania only.Consequent to this agreement Ejaz was admitted and he brought in the required capital and ` 30,00,000 as premium for goodwill.What will be the correct journal entry for the distribution of Premium for Goodwill brought in by Ejaz?a)Ejaz Capital A/c Dr. 30,00,000To Sania’s Capital A/c30,00,000(Being…………..)b)Premium for Goodwill A/c Dr. 30,00,000To Sania’s Capital A/c 30,00,000(Being…………..)c)Premium for Goodwill A/c… Dr. 30,00,000To Ryan's Capital A/c 8,33,333To William’s Capital A/c 8,33,333To Ejaz’s Capital A/c 13,33,333(Being…………..)d)Premium for Goodwill A/c… Dr. 30,00,000To Ryan's Capital A/c 10,00,000To William’s Capital A/c 10,00,000To Ejaz’s Capital A/c 10,00,000(Being…………..)Correct answer is option 'B'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Based on the below information, you are required to answer the given questions:Sterling Enterprises is a partnership business with Ryan, Williams and Sania as partners engaged in production and sales of electrical items and equipment. Their capital contributions were ₹50,00,000, ₹ 50,00,000 and ₹80,00,000 respectively with the profit sharing ratio of 5:5:8. As they are now looking forward to expanding their business, it was decided that they would bring in sufficient cash to double their respective capitals. This was duly followed by Ryan and Williams but due to unavoidable reasons Sania could not do so and ultimately it was agreed that to bridge the shortfall in the required capital a new partner should be admitted who would bring in the amount that Sania could not bring and that the new partner would get share of profits equal to half of Sania’s share which would be sacrificed by Sania only.Consequent to this agreement Ejaz was admitted and he brought in the required capital and ` 30,00,000 as premium for goodwill.What will be the correct journal entry for the distribution of Premium for Goodwill brought in by Ejaz?a)Ejaz Capital A/c Dr. 30,00,000To Sania’s Capital A/c30,00,000(Being…………..)b)Premium for Goodwill A/c Dr. 30,00,000To Sania’s Capital A/c 30,00,000(Being…………..)c)Premium for Goodwill A/c… Dr. 30,00,000To Ryan's Capital A/c 8,33,333To William’s Capital A/c 8,33,333To Ejaz’s Capital A/c 13,33,333(Being…………..)d)Premium for Goodwill A/c… Dr. 30,00,000To Ryan's Capital A/c 10,00,000To William’s Capital A/c 10,00,000To Ejaz’s Capital A/c 10,00,000(Being…………..)Correct answer is option 'B'. 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