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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?
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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.
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Q.6.Balance Sheet as on 31 March, 2019LiabilitiesCapital A/c:ABProfit and Loss A/c1,10,000LandAssetsPAmountAmount10,000AmountAmountPlantBuilding1,25,00060,0002,20,0003,30,00060,000StockDebitors50,00080,00060,000Creditors25,000BankDeferred Expenditure30,0004,15,0004,15,000A and B are partners in a firm sharing profits in the ratio 3:4. They decided to admit C on 1" April, 2019 for 1/8 share in the partnership on the following terms.1. He brings in 1,10,000 as his capital of which 30,000 is to be brought as stock and rest by cheque.ii. He is to bring 56,000 as goodwill by cheque 50% of which is withdrawn by old partners.Land is to be revalued upwards by 1,00,000, Building by 25,000 and Stock by ₹ 5,000.iv. Create R.D.D. at 10% on Debtors and record Creditors of 24,000 earlier unrecorded.Pass necessary Journal entries and prepare Revaluation Account, Capital Account and Balance Sheet of the newfirm?

A, B and C are partners sharing profits and losses in the ratio of 2 : 1 : 1 respectively.On 31st March, 2012, their balance sheet was as follows:A died on 1st April, 2012. The firm had taken a joint life policy for Rs 1,20,000, the payment for which was received by the firm. According to the partnership deed, on retirement or death of a partner, the goodwill of the firm was to be valued at 1½ times of the average profit for the last four years.The profits for the last four years were Rs 64,000, Rs 69,000, Rs 72,000 and Rs 75,000 respectively. For paying the amount due to A’s legal representative, B and C brought as much cash as would bring their capitals in profit sharing ratio and the firm would have a cash balance of Rs 3,000.Pass journal entries to record the above mentioned transactions and prepare partners’ capital accounts. in this question how b capital become 88750 and c capital will become 68750?

A, B and C are partners sharing profits and losses in the ratio of 2 : 1 : 1 respectively.On 31st March, 2012, their balance sheet was as follows:A died on 1st April, 2012. The firm had taken a joint life policy for Rs 1,20,000, the payment for which was received by the firm. According to the partnership deed, on retirement or death of a partner, the goodwill of the firm was to be valued at 1½ times of the average profit for the last four years.The profits for the last four years were Rs 64,000, Rs 69,000, Rs 72,000 and Rs 75,000 respectively. For paying the amount due to A’s legal representative, B and C brought as much cash as would bring their capitals in profit sharing ratio and the firm would have a cash balance of Rs 3,000.Pass journal entries to record the above mentioned transactions and prepare partners’ capital accounts.?

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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?
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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?.
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