Login
Get Advice on Live Video Call
Earn $ Cash $ with
consultations on Bissoy App

X and Y are partners with capitals of RS.50,000 each. They admit Z as a partner of 1/4th share in the profits of the firm. Z bring in RS.80,000 as his

Monjur Alahi

X and Y are partners with capitals of RS.50,000 each. They admit Z as a partner of 1/4th share in the profits of the firm. Z bring in RS.80,000 as his share of capital. The Profit and Loss Account showed a credit balance of RS.40,000 as on date of admission of Z.
Given necressary Journal entries to record the goodwill.


0 like 0 dislike
1 views
Share with your friends

1 Answers

Salim Ahmed Kawsar

Call

Correct Answer - Hidden Goodwill-RS.1,00,000.
Hidden Goodwill `=(RS.80,000xx4//1)-(RS.50,000+RS.50,0000+RS.40,000+RS.80,000)`

0 like 0 dislike
1 views
X, Y and Z are partners sharing profits and losses in the ratio of 5 : 3 : 2. They admit A into partnership and give him 1/5th share of profits. Find

New Profit-sharing Ratio- 10:6:4:5.

2 Answers 1 views
A, B and C were partners in a firm sharing profits in the ratio of 3 : 2 : 1. They admited D as a new partner for 1/8th share in the profits, which he

New profit-sharing Ratio -24 : 13 : 5 : 6.

2 Answers 2 views
Bharati and Astha were partners sharing profits in the ratio of 3 : 2. They admitted Dinkar as a new partner for 1/5th share in the future profits of

New Profit-sharign Ratio-5 : 3 : 2.

2 Answers 1 views
X and Y are partners in a firm sharing profits and losses in the ratio of 3 : 2. Z is admitted as partner with 1/4th share in profit. Z acquired his s

New Profit-sharing Ratio-26 : 19 : 15.

2 Answers 2 views
R and S are partners sharing profits in the ratio of 5 : 3. T joins the firm as a new partner. R gives 1/4th of his share and S gives 1/5th share to t

New Profit-sharign Ratio-75 : 48 : 37.

2 Answers 1 views
Find New Profit-sharing Ratio: (i) R and T are partners in a firm sharign profits in the ratio of 3 : 2. S joins the firm. R surrenders 1/4th of his s

(i) New Profits-sharing Ratio of R, T and S-45: 32 : 23, (ii) New Profit-sharing Ratio of A, B and C-2 : 1 : 1, (iii) New Profit-sharing Ratio of...

2 Answers 1 views
X and Y are partners sharing profits and losses in the of 3 : 2. They admit Z into partnership. X gives 1/3rd of his share while Y gives 1/10th from h

New Profit-sharing Ratio-4 : 3 : 3, Sacrificing Ratio-2 : 1.

2 Answers 2 views
M and J are partners in a firm sharing profits in the ratio of 3 : 2. They admit R as a new partner. The new profit-sharing ratio between M, J and R w

Goodwill will be shared by M and J equally.

2 Answers 1 views
A and B are partners in a firm with capital of RS.60,000 and RS.1,20,000 respectively. They decide to admit C into the partnership for 1/4th share in

Goodwill -RS.30,000.

2 Answers 1 views
X, Y and Z are equal partners with capitals of RS.1,500, RS.1,750 and RS.2,000 respectively. They agree to admit W into equal partnership upon payment

Loss on Revaluation-RS.270, Balance Sheet Total-RS-RS.11,280.

2 Answers 1 views

Log in to ask questions, provide answers, or leave comments.


Login

Install the Bissoy app to consult with a doctor.


Download