Homework Help is Here – Start Your Trial Now!
Business
Accounting
FOOD BLON NVASIONTH a) b) A-27 Give journal entries, ledger accounts and Balance Sheets under the following methods of treatment of goodwill:- If goodwill is raised and written off. If goodwill is brought in cash and withdrawn from the business. (B.Com., Osm) (Ans. Balance Sheet total (under both methods of treatment 85,000) 16. C and D carrying on business in partnership and sharing profits 5/8 & 3/8th require a partner when their Balance Sheet stood as follows. Balance Sheet Liabilities Assets Creditors 10,000 Cash Reserve Fund 20,000 Debtors Capitals: Stock C 40,000 Investment D 20,000 60,000 Plant 90,000 2,400 20,000 10,000 7,600 50,000 90,000 They admit E into partnership giving him 1/8th share on the following terms: Stock to be depreciated by 20 per cent, a provision of 5 percent on debtors is to be made for doubtful debts, investments are to be brought in the new firm at an agreed value of 6,000 and Plant to be appreciated by 20 per cent. E brings in 16,000 as his share of goodwill E brings in cash as Capital to the extent of 1/8" of the combined capitals of the partner after the above adjustment. how th journal entries recording these transactions and draw out the Balance of the new firm and also state how the partners will share in profits of the new (Ans. Revaluation Profit 5,400; Balance Sheet Total 1,24,075= E brings in 12,675 as Capital; C's capital 65,875; D's Capita 35,525 e following is the Balance Sheet mitted as a partner on that date w bilities Capita Cap 100 B as at 31st March 2006 C hof A and B was as under and Buildings 11,0 8, nt and Machinery 10 tock of goods ompensa Cash and Bank Balance

FOOD BLON NVASIONTH a) b) A-27 Give journal entries, ledger accounts and Balance Sheets under the following methods of treatment of goodwill:- If goodwill is raised and written off. If goodwill is brought in cash and withdrawn from the business. (B.Com., Osm) (Ans. Balance Sheet total (under both methods of treatment 85,000) 16. C and D carrying on business in partnership and sharing profits 5/8 & 3/8th require a partner when their Balance Sheet stood as follows. Balance Sheet Liabilities Assets Creditors 10,000 Cash Reserve Fund 20,000 Debtors Capitals: Stock C 40,000 Investment D 20,000 60,000 Plant 90,000 2,400 20,000 10,000 7,600 50,000 90,000 They admit E into partnership giving him 1/8th share on the following terms: Stock to be depreciated by 20 per cent, a provision of 5 percent on debtors is to be made for doubtful debts, investments are to be brought in the new firm at an agreed value of 6,000 and Plant to be appreciated by 20 per cent. E brings in 16,000 as his share of goodwill E brings in cash as Capital to the extent of 1/8" of the combined capitals of the partner after the above adjustment. how th journal entries recording these transactions and draw out the Balance of the new firm and also state how the partners will share in profits of the new (Ans. Revaluation Profit 5,400; Balance Sheet Total 1,24,075= E brings in 12,675 as Capital; C's capital 65,875; D's Capita 35,525 e following is the Balance Sheet mitted as a partner on that date w bilities Capita Cap 100 B as at 31st March 2006 C hof A and B was as under and Buildings 11,0 8, nt and Machinery 10 tock of goods ompensa Cash and Bank Balance

Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter23: Accounting For Partnerships
Section23.1: Forming A Partnership
Problem 1OYO
See similar textbooks
icon
Related questions
Question
FOOD BLON NVASIONTH a) b) A-27 Give journal entries, ledger accounts and Balance Sheets under the following methods of treatment of goodwill:- If goodwill is raised and written off. If goodwill is brought in cash and withdrawn from the business. (B.Com., Osm) (Ans. Balance Sheet total (under both methods of treatment 85,000) 16. C and D carrying on business in partnership and sharing profits 5/8 & 3/8th require a partner when their Balance Sheet stood as follows. Balance Sheet Liabilities Assets Creditors 10,000 Cash Reserve Fund 20,000 Debtors Capitals: Stock C 40,000 Investment D 20,000 60,000 Plant 90,000 2,400 20,000 10,000 7,600 50,000 90,000 They admit E into partnership giving him 1/8th share on the following terms: Stock to be depreciated by 20 per cent, a provision of 5 percent on debtors is to be made for doubtful debts, investments are to be brought in the new firm at an agreed value of 6,000 and Plant to be appreciated by 20 per cent. E brings in 16,000 as his share of goodwill E brings in cash as Capital to the extent of 1/8" of the combined capitals of the partner after the above adjustment. how th journal entries recording these transactions and draw out the Balance of the new firm and also state how the partners will share in profits of the new (Ans. Revaluation Profit 5,400; Balance Sheet Total 1,24,075= E brings in 12,675 as Capital; C's capital 65,875; D's Capita 35,525 e following is the Balance Sheet mitted as a partner on that date w bilities Capita Cap 100 B as at 31st March 2006 C hof A and B was as under and Buildings 11,0 8, nt and Machinery 10 tock of goods ompensa Cash and Bank Balance
Transcribed Image Text:FOOD BLON NVASIONTH a) b) A-27 Give journal entries, ledger accounts and Balance Sheets under the following methods of treatment of goodwill:- If goodwill is raised and written off. If goodwill is brought in cash and withdrawn from the business. (B.Com., Osm) (Ans. Balance Sheet total (under both methods of treatment 85,000) 16. C and D carrying on business in partnership and sharing profits 5/8 & 3/8th require a partner when their Balance Sheet stood as follows. Balance Sheet Liabilities Assets Creditors 10,000 Cash Reserve Fund 20,000 Debtors Capitals: Stock C 40,000 Investment D 20,000 60,000 Plant 90,000 2,400 20,000 10,000 7,600 50,000 90,000 They admit E into partnership giving him 1/8th share on the following terms: Stock to be depreciated by 20 per cent, a provision of 5 percent on debtors is to be made for doubtful debts, investments are to be brought in the new firm at an agreed value of 6,000 and Plant to be appreciated by 20 per cent. E brings in 16,000 as his share of goodwill E brings in cash as Capital to the extent of 1/8" of the combined capitals of the partner after the above adjustment. how th journal entries recording these transactions and draw out the Balance of the new firm and also state how the partners will share in profits of the new (Ans. Revaluation Profit 5,400; Balance Sheet Total 1,24,075= E brings in 12,675 as Capital; C's capital 65,875; D's Capita 35,525 e following is the Balance Sheet mitted as a partner on that date w bilities Capita Cap 100 B as at 31st March 2006 C hof A and B was as under and Buildings 11,0 8, nt and Machinery 10 tock of goods ompensa Cash and Bank Balance
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
SEE MORE TEXTBOOKS