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A and B are partners sharing profits and...

A and B are partners sharing profits and losses in the ratio of 3 : 2. They admit C as partner in the firm for 1/4th share in profits which he takes 1/6th from A and 1/12th from B. C bring in only 60% of his share of firm's goodwill. Goodwill of the firm has been valued at RS.1,00,000. Pass necreassary Journal entries to record, this arrangement.

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(i) Dr. Bank A/c and Cr. Premium fo r Goodwill A/c by RS.15,000.
(ii) Dr. Premium for Goodwill A/c -RS.15,000, Cr.A's Capital A/c- RS.10,000, and B's Capital A/c-RS.5,000.
(iii) Dr. C's Capital/Current A/c-RS.10,000, Cr. A's Capital A/c-RS.6,667 and B's Capital A/c-RS.3,333.
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TS GREWAL-Admission of a Partner-EXERCISE
  1. A and B were partners in a firm sahring profits and losses in the rati...

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  2. A and B are partners sharing profits in the ratio of 2 : 1. They admit...

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  3. A and B are partners sharing profits and losses in the ratio of 3 : 2....

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  4. On the admission of Rao, goodwill of Murty and Shah is valued at RS.30...

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  5. A and B are partners sharing profits in the ratio of 3 : 2. Their boo...

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  6. A, B and C are in partnership profits and losses in the ratio of 5 : 4...

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  7. Mohan and Sohan were partners in a firm sharing profits and losses in ...

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  8. Madan and Gopal are partners sharing profits in the ratio of 3 : 2. Th...

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  9. Anil and Sunil are partners in a firm with fixed capitals of RS.3,20,0...

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  10. A and B are partners in a firm with capital of RS.60,000 and RS.1,20,0...

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  11. Bhuwan and Shivam were partners in a firm sharing profit in the ratio ...

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  12. Vinay and Naman are partenrs sharing profits in the ratio 4 : 1. Their...

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  13. X and Y are partners with capitals of RS.50,000 each. They admit Z as ...

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  14. Asin and Shreyas are partners in a firm. They admit Ajay as a new part...

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  15. Verma and Sharma are partners in a firm sharing profits and losses in ...

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  16. Disha and Divya are partners in a firm sharing profits in the ratio of...

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  17. E and F were partnres in a firm sharing profits in the ratio of 3 : 1....

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  18. Mr. A commenced business with a capital of RS.2,50,000 on 1st April, 2...

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  19. Pass entries in the firm's Journal for the following on admission of a...

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  20. Pass entries in firm's Journal for the following on admission of a par...

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