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Tanisha and Tanishka are partner with 3:1 admitted manju as a new partner for 1/3rd share it was decided that their new profit sharing ratio will be equal in future manju brought ₹42500 in cash and furniture wroth ₹59500 for his share of premium for goodwill pass necessary journal entry?
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Tanisha and Tanishka are partner with 3:1 admitted manju as a new part...
Journal Entry for Admission of Manju as a Partner

Initial Investment by Manju:
- Manju brought ₹42,500 in cash
- Manju brought furniture worth ₹59,500

Calculation of Total Investment by Manju:
- Total investment by Manju = Cash brought + Value of furniture
- Total investment by Manju = ₹42,500 + ₹59,500
- Total investment by Manju = ₹1,02,000

Manju's Share of Premium for Goodwill:
- Manju is admitted for a 1/3rd share in the partnership
- Total premium for goodwill = Total investment by Manju
- Manju's share of premium for goodwill = 1/3 * Total investment by Manju
- Manju's share of premium for goodwill = 1/3 * ₹1,02,000
- Manju's share of premium for goodwill = ₹34,000

Journal Entry:
- Manju's Capital A/c Dr. ₹1,02,000
- To Cash A/c ₹42,500
- To Furniture A/c ₹59,500
- To Goodwill A/c ₹34,000
Explanation:
- Manju's capital account is debited with the total investment made by him (cash + furniture).
- Cash and furniture accounts are credited as Manju brought them into the business.
- Goodwill account is credited with Manju's share of the premium for goodwill.
- This journal entry reflects the admission of Manju as a new partner and the allocation of his investment and goodwill premium in the partnership accounts.
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Tanisha and Tanishka are partner with 3:1 admitted manju as a new partner for 1/3rd share it was decided that their new profit sharing ratio will be equal in future manju brought ₹42500 in cash and furniture wroth ₹59500 for his share of premium for goodwill pass necessary journal entry?
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Tanisha and Tanishka are partner with 3:1 admitted manju as a new partner for 1/3rd share it was decided that their new profit sharing ratio will be equal in future manju brought ₹42500 in cash and furniture wroth ₹59500 for his share of premium for goodwill pass 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 Tanisha and Tanishka are partner with 3:1 admitted manju as a new partner for 1/3rd share it was decided that their new profit sharing ratio will be equal in future manju brought ₹42500 in cash and furniture wroth ₹59500 for his share of premium for goodwill pass necessary journal entry? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Tanisha and Tanishka are partner with 3:1 admitted manju as a new partner for 1/3rd share it was decided that their new profit sharing ratio will be equal in future manju brought ₹42500 in cash and furniture wroth ₹59500 for his share of premium for goodwill pass necessary journal entry?.
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