Create Good Will of Rs 125000 and apportioned between the
existing partners A,B and C as per their sharing ratios
25%,35% and the remaing %. Pass journal entry
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Answer Posted / syed
Goodwill a/c 125000
to A's a/c 31250
to B's a/c 43750
to C's a/c 50000
Goodwill will be share by all partners in the ratio 25:35:40
| Is This Answer Correct ? | 5 Yes | 0 No |
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please answer this question.the following balances were extracted from the books of modern traders on 31st dec,2010.capital(85000)fixed assets(45000)stock1-1-2010(15000)sundry debtors(20600)productive exp(3300)reserves fund(6600)discount received(800)cash in hand(6200)drawing(5000)accomulated dep.(9000)purchases(82000)bad debts(400)unproductive exp.(27400)sundry creditors(9000)sales(120000)cash at bank(25500).adjustments.stock on 31-12-2010(15000).outstanding wages (5000) write-off (600)of further bad debts. create provision for bad & doubtful debts at {5%) on debtors.unproductive expenses includes anitem of prepaid insurance (100).provide depreciation on original cost of fixed assets @ (10%).
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