UPSC Exam > UPSC Questions > G,S and T sharing profit ratio 3:2:1 . T admi...
Start Learning for Free
G,S and T sharing profit ratio 3:2:1 . T admitted with ₹80000 as capital and bring ₹20000 as primium for goodwill out of his share ₹30000 . Necessary journal entry?
Most Upvoted Answer
G,S and T sharing profit ratio 3:2:1 . T admitted with ₹80000 as capit...
Journal Entry for T's Admission with Capital and Goodwill Premium
When T is admitted with ₹80000 as capital and brings ₹20000 as premium for goodwill, the necessary journal entry is as follows:
1. Dr. Cash/Bank Account
- Debit: ₹100000 (₹80000 capital + ₹20000 premium)
- To T's Capital Account
- To Goodwill Account
2. Dr. Goodwill Account
- Debit: ₹20000
- To G's Capital Account
- To S's Capital Account
3. Dr. T's Capital Account
- Debit: ₹30000 (T's share of goodwill)
- To Cash/Bank Account
Explanation:
1. The Cash/Bank Account is debited with ₹100000 to record the total amount brought in by T as capital and goodwill premium.
2. The Goodwill Account is debited with ₹20000 to record the premium paid for goodwill by T.
3. T's Capital Account is debited with ₹30000 to allocate his share of goodwill among the partners.
Attention UPSC Students!
To make sure you are not studying endlessly, EduRev has designed UPSC study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in UPSC.
|
Explore Courses for UPSC exam
|
|
Top Courses for UPSCView all
G,S and T sharing profit ratio 3:2:1 . T admitted with ₹80000 as capital and bring ₹20000 as primium for goodwill out of his share ₹30000 . Necessary journal entry?
Question Description
G,S and T sharing profit ratio 3:2:1 . T admitted with ₹80000 as capital and bring ₹20000 as primium for goodwill out of his share ₹30000 . Necessary journal entry? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about G,S and T sharing profit ratio 3:2:1 . T admitted with ₹80000 as capital and bring ₹20000 as primium for goodwill out of his share ₹30000 . Necessary journal entry? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for G,S and T sharing profit ratio 3:2:1 . T admitted with ₹80000 as capital and bring ₹20000 as primium for goodwill out of his share ₹30000 . Necessary journal entry?.
G,S and T sharing profit ratio 3:2:1 . T admitted with ₹80000 as capital and bring ₹20000 as primium for goodwill out of his share ₹30000 . Necessary journal entry? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about G,S and T sharing profit ratio 3:2:1 . T admitted with ₹80000 as capital and bring ₹20000 as primium for goodwill out of his share ₹30000 . Necessary journal entry? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for G,S and T sharing profit ratio 3:2:1 . T admitted with ₹80000 as capital and bring ₹20000 as primium for goodwill out of his share ₹30000 . Necessary journal entry?.
Solutions for G,S and T sharing profit ratio 3:2:1 . T admitted with ₹80000 as capital and bring ₹20000 as primium for goodwill out of his share ₹30000 . Necessary journal entry? in English & in Hindi are available as part of our courses for UPSC.
Download more important topics, notes, lectures and mock test series for UPSC Exam by signing up for free.
Here you can find the meaning of G,S and T sharing profit ratio 3:2:1 . T admitted with ₹80000 as capital and bring ₹20000 as primium for goodwill out of his share ₹30000 . Necessary journal entry? defined & explained in the simplest way possible. Besides giving the explanation of
G,S and T sharing profit ratio 3:2:1 . T admitted with ₹80000 as capital and bring ₹20000 as primium for goodwill out of his share ₹30000 . Necessary journal entry?, a detailed solution for G,S and T sharing profit ratio 3:2:1 . T admitted with ₹80000 as capital and bring ₹20000 as primium for goodwill out of his share ₹30000 . Necessary journal entry? has been provided alongside types of G,S and T sharing profit ratio 3:2:1 . T admitted with ₹80000 as capital and bring ₹20000 as primium for goodwill out of his share ₹30000 . Necessary journal entry? theory, EduRev gives you an
ample number of questions to practice G,S and T sharing profit ratio 3:2:1 . T admitted with ₹80000 as capital and bring ₹20000 as primium for goodwill out of his share ₹30000 . Necessary journal entry? tests, examples and also practice UPSC tests.
|
|
Explore Courses for UPSC exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup