Harish and Munish are partners in a firm sharing profits and losses in the ratio of 3:2. Rakesh is admitted into partnership for 1/3 share in profits. He brings in Rs. 50,000 as capital, but not in a position to bring any amount for his share of goodwill which has been valued at Rs. 15,000. Give necessary journal entry for recording goodwill, when there is no goodwill appearing in the books of the firm.

Question

Accepted Answer

| Date | Particulars | L.F. | Dr. Amount | Cr. Amount | |---|---|---|---|---| | | Rakesh's Current A/c Dr. | | 15,000 | | | | To Harish's Capital A/c | | | 9,000 | | | To Munish's Capital A/c | | | 6,000 |

Answer

| Date | Particulars | L.F. | Dr. Amount | Cr. Amount | |---|---|---|---|---| | | Rakesh's Capital A/c Dr. | | 15,000 | | | | To Harish's Capital A/c | | | 9,000 | | | To Munish's Capital A/c | | | 6,000 |

Answer

| Date | Particulars | L.F. | Dr. Amount | Cr. Amount | |---|---|---|---|---| | | Bank A/c Dr. | | 65,000 | | | | To Rakesh's Capital A/c | | | 50,000 | | | To Premium for Goodwill A/c | | | 15,000 |

Answer

| Date | Particulars | L.F. | Dr. Amount | Cr. Amount | |---|---|---|---|---| | | Bank A/c Dr. | | 50,000 | | | | Rakesh's Current A/c Dr. | | 15,000 | | | | To Rakesh's Capital A/c | | | 65,000 |

Particulars	Dr. Amount	Cr. Amount
Rakesh's Capital A/c Dr.	15,000
To Harish's Capital A/c		9,000
To Munish's Capital A/c		6,000

Particulars	Dr. Amount	Cr. Amount
Rakesh's Current A/c Dr.	15,000
To Harish's Capital A/c		9,000
To Munish's Capital A/c		6,000

Particulars	Dr. Amount	Cr. Amount
Bank A/c Dr.	65,000
To Rakesh's Capital A/c		50,000
To Premium for Goodwill A/c		15,000

Solution

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