Under what circumstances premium for Goodwill paid by the incoming partner is not recorded in the books of account? (Delhi 2014 C) Post category:Accountancy Reading time:1 mins read SOLUTION Premium for Goodwill is not recorded in the books of account when the incoming partner pays it privately to the sacrificing partners. 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 PostWhat is meant by ‘Hidden Goodwill’? (AI 2017 C) Next PostVinay and Naman are partners sharing profits in the ratio of 4: 1. Their capitals were Rs. 90,000 and Rs. 70,000 respectively. They admitted Prateek for 1 / 3 share in the profits. Prateek brought Rs. 1,00,000 as his capital. Calculate the value of firm’s goodwill. (CBSE 2018, 2018 C) You Might Also Like Following information is related to ABC Ltd.: STATEMMENT OF PROFIT AND LOSS for the year ended 31st March, 2019 August 18, 2022 Classify the following activities as (i) Operating, (ii) Investing or (iii) Financing in case of a ‘Financial Enterprise’: (a) Proceeds from Sale of Investments; (b) Interest received on Debentures held as Investment October 4, 2022 Pass Journal entries for the following transactions at the time of dissolution of the firm: (a) Loan of Rs. 10,000 advanced by a partner to the firm was refunded. (b) X, a partner, takes over an unrecorded asset (Typewriter) at Rs. 300. (c) Undistributed balance (Debit) of Profit and Loss Account Rs. 30,000. The firm has three partners X, Y and Z. (d) Assets of the firm realised Rs. 1,25,000. (e) Y who undertakes to carry out the dissolution proceedings is paid Rs. 2,000 for the same. (f) Creditors are paid Rs. 28,000 in full settlement of their account of Rs. 30,000. July 25, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Following information is related to ABC Ltd.: STATEMMENT OF PROFIT AND LOSS for the year ended 31st March, 2019 August 18, 2022
Classify the following activities as (i) Operating, (ii) Investing or (iii) Financing in case of a ‘Financial Enterprise’: (a) Proceeds from Sale of Investments; (b) Interest received on Debentures held as Investment October 4, 2022
Pass Journal entries for the following transactions at the time of dissolution of the firm: (a) Loan of Rs. 10,000 advanced by a partner to the firm was refunded. (b) X, a partner, takes over an unrecorded asset (Typewriter) at Rs. 300. (c) Undistributed balance (Debit) of Profit and Loss Account Rs. 30,000. The firm has three partners X, Y and Z. (d) Assets of the firm realised Rs. 1,25,000. (e) Y who undertakes to carry out the dissolution proceedings is paid Rs. 2,000 for the same. (f) Creditors are paid Rs. 28,000 in full settlement of their account of Rs. 30,000. July 25, 2022