State the need for treatment of Goodwill on admission of a partner. Post category:Accountancy Reading time:1 mins read SOLUTION To compensate the old partners for their sacrifice. Please Share This Share this content Opens in a new window X Opens in a new window Facebook Opens in a new window Pinterest Opens in a new window LinkedIn Opens in a new window Viber Opens in a new window VK Opens in a new window Reddit Opens in a new window Tumblr Opens in a new window Viadeo Opens in a new window WhatsApp Read more articles Previous PostGive the journal entry to distribute General Reserve and Profit and Loss Account balance appearing on the liabilities side of Balance Sheet. Next PostUnder what circumstances premium for goodwill paid by the incoming partner would never be recorded in the books of account? You Might Also Like Akhil and Bimal are partners sharing profits in the ratio of 3: 2. Akhil gave loan to the firm of Rs. 1,00,000 on 1st October, 2021. On the same date, the firm gave loan to Bimal of Rs. 1,00 000. They do not have an agreement as to interest. Akhil had also given his personal property for firm’s godown at a monthly rent of Rs. 5,000. Firm earns profit of Rs. 1,03,000 (before above adjustments) for the year ended 31st March, 2022. Show the distribution of profit for the year. October 11, 2022 How will you show the following items in the Balance Sheet of a Company; (i) Calls in Arrears; (ii) Calls in Advance. September 30, 2022 What is meant by ‘Irredeemable Debentures’? September 29, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Akhil and Bimal are partners sharing profits in the ratio of 3: 2. Akhil gave loan to the firm of Rs. 1,00,000 on 1st October, 2021. On the same date, the firm gave loan to Bimal of Rs. 1,00 000. They do not have an agreement as to interest. Akhil had also given his personal property for firm’s godown at a monthly rent of Rs. 5,000. Firm earns profit of Rs. 1,03,000 (before above adjustments) for the year ended 31st March, 2022. Show the distribution of profit for the year. October 11, 2022
How will you show the following items in the Balance Sheet of a Company; (i) Calls in Arrears; (ii) Calls in Advance. September 30, 2022
