Answered: Give journal entries if a) There is no…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A, B and c are partners sharing profits in the ratio of 5:5:4.D is admitted as a partner. D introduced $40,000 as capital for his 1/4th share. Goodwill of the firm is to be valued at 2 years purchase of 3 years profit which have been $15,000, $26,000 and $22,000.

Give journal entries if

a) There is no goodwill in the books of the firm

b)The goodwill a/c appears at $14,000

c) The goodwill are standing in the books is

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