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Asin and Shreyas are partners in a firm....

Asin and Shreyas are partners in a firm. They admit Ajay as a new partner with 1/5th share in the profits of the firm. Ajay brings RS.5,00,000 as his share of capital. The value of the total assets of the firm was RS.15,00,000 and outside liabilities were valued at RS.5,00,000 on that date. Given necessary Journal entry to record goodwill at the time of Ajay's admission. Also show your workings.

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Dr. Ajay's Capital/Current A/c-RS.2,00,000, Cr. Asin's Capital A/c-RS.1,00,000 and Shreya's Capital A/c-RS.1,00,000.
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TS GREWAL-Admission of a Partner-EXERCISE
  1. Vinay and Naman are partenrs sharing profits in the ratio 4 : 1. Their...

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

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

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

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

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

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

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

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

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  10. X and Y are partners in a firm sharing profits in the ratio of 3 : 2....

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  11. X and Y are partners in a firm sharing profits in the ratio of 3 : 2. ...

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  12. X and Y are partners sharing profits in the ratio of 3 : 2. They admit...

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  13. X and Y are partners in a shring profits in the ratio of 3 : 2. They ...

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  14. X, Y and Z are partners sharing profit and losses in the ratio of 6 :...

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  15. At the time of admission of a partner C assets and liabilities of A an...

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  16. X and Y are partners in a firm sharing profit and losses in the ratio ...

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  17. X and Y were partners in a firm sharing profits and losses in the rati...

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  18. (a) X, Y and Z are partners sharing profits and losses in the ratio of...

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  19. X, Y and Z are equal partners with capitals of RS.1,500, RS.1,750 and ...

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  20. A and B are carruying on business in partnership and sharing profits a...

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