Ms Amal and Ms Asma are partners sharing profits and losses in the ratio of 8:4. Ms Rawan is admitted as a new partner for 1/8th share. Ms Rawan brings OMR 60,000 as his capital and brings only 55% of his share of Goodwill in cash Total Goodwill of the firm is OMR 50,000 . Pass necessary journal entries when Ms Amal and Ms Asma withdraw 40% of the amount brought in by Ms Rawan as his share of goodwill in cash. Goodwill already appears in the books at OMR 50,000.
Ms Amal and Ms Asma are partners sharing profits and losses in the ratio of 8:4. Ms Rawan is admitted as a new partner for 1/8th share. Ms Rawan brings OMR 60,000 as his capital and brings only 55% of his share of Goodwill in cash Total Goodwill of the firm is OMR 50,000 . Pass necessary journal entries when Ms Amal and Ms Asma withdraw 40% of the amount brought in by Ms Rawan as his share of goodwill in cash. Goodwill already appears in the books at OMR 50,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ms Amal and Ms Asma are partners sharing profits and losses in the ratio of 8:4. Ms Rawan is admitted as a new partner for 1/8th share. Ms
Rawan brings OMR 60,000 as his capital and brings only 55% of his share of Goodwill in cash
Total Goodwill of the firm is OMR 50,000 . Pass necessary journal entries when Ms Amal and Ms Asma withdraw 40% of the amount brought in by Ms Rawan as his share of goodwill in cash. Goodwill already appears in the books at OMR 50,000.
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