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 Virad, Vishad and Roma were partners in a firm sharing profits in the ratio of 5: 3: 2 respectively. On 31st March, 2013, their Balance Sheet was as under: August 5, 2022 Amit and Vijay started a partnership business on 1st April, 2018. Their capital contributions were Rs. 2,00,000 and Rs. 1,50,000 respectively. The Partnership Deed provided as follows: (a) Interest on capital be allowed @ 10% p.a. (b) Amit to get a salary of Rs. 2,000 per month and Vijay Rs. 3,000 per month. (c) Profits are to be shared in the ratio of 3: 2. Net profit for the year ended 31st March, 2019 was Rs. 2,16,000. Interest on drawings amounted to Rs. 2,200 for Amit and Rs. 2,500 for Vijay. Prepare Profit and Loss Appropriation Account. July 21, 2022 What are accumulated profits? September 26, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Virad, Vishad and Roma were partners in a firm sharing profits in the ratio of 5: 3: 2 respectively. On 31st March, 2013, their Balance Sheet was as under: August 5, 2022
Amit and Vijay started a partnership business on 1st April, 2018. Their capital contributions were Rs. 2,00,000 and Rs. 1,50,000 respectively. The Partnership Deed provided as follows: (a) Interest on capital be allowed @ 10% p.a. (b) Amit to get a salary of Rs. 2,000 per month and Vijay Rs. 3,000 per month. (c) Profits are to be shared in the ratio of 3: 2. Net profit for the year ended 31st March, 2019 was Rs. 2,16,000. Interest on drawings amounted to Rs. 2,200 for Amit and Rs. 2,500 for Vijay. Prepare Profit and Loss Appropriation Account. July 21, 2022