Mr Mohammed and Mr Hamed are partners sharing profit and losses in the ratio of 9:6. Mr Ahmed is admitted as a new partner for 1/8th share. Mr Ahmed brings OMR 45,000 as his Capital and necessary amount of his share of goodwill in cash. Total goodwill of the firm is OM 80,000. Goodwill already appears in the Balance Sheet iS OMR 50.00. Pass necessary journal entries.
Mr Mohammed and Mr Hamed are partners sharing profit and losses in the ratio of 9:6. Mr Ahmed is admitted as a new partner for 1/8th share. Mr Ahmed brings OMR 45,000 as his Capital and necessary amount of his share of goodwill in cash. Total goodwill of the firm is OM 80,000. Goodwill already appears in the Balance Sheet iS OMR 50.00. Pass necessary journal entries.
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 1PB: The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a...
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Mr Mohammed and Mr Hamed are partners sharing profit and losses in the ratio of 9:6. Mr Ahmed is admitted as a new partner for 1/8th share. Mr Ahmed brings OMR 45,000 as his Capital and necessary amount of his share of goodwill in cash. Total goodwill of the firm is OM 80,000. Goodwill already appears in the Balance Sheet iS OMR 50.00. Pass necessary journal entries.
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