Balance Sheet as at 31st March, 2023 of Sonam and Shilpa sharing profits in the ratio of 3 : 2 was:
Balance Sheet as at 31st March, 2023 of Sonam and Shilpa sharing profits in the ratio of 3 : 2 was:
| Liabilities | ₹ | Assets | ₹ |
| Sundry Creditors
Bills Payable Reserves Profit & Loss A/c Sonam’s Capital Shilpa’s Capital |
1,79,000 1,20,000 50,000 11,000 30,000 20,000 |
Cash at Bank
Sundry Debtors Stock Advertisement Expenditure Fixed Assets |
59,000 60,000 70,000 1,000 2,20,000 |
| 4,10,000 | 4,10,000 |
They admit Samay as a partner for 1/4th share in the profits of the firm. Samay brings ₹ 50,000 as his capital.
Give necessary Journal entries to record the goodwill.
Anurag Pathak Changed status to publish July 3, 2023
