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General Accounting Discussions: Partnership accounts

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  1.  
    • CommentAuthorFazal
    • CommentTimeNov 2nd 2009
     
    Dear all,
    I need your help to solve the problem enumarated below:

    Faisal & Ahmed are partners in a firm with capital balances of Rs. 180,000 and 120,000 respectively shaging profit & losses in ratio of 3:2 Rashid entered as a third partner for 1/4th share and brought Rs. 110,000 in the frim.

    How shall i pass journal entries considering following assumptions:

    1) If total good will of the firm to be raised and immediately to be written off
    2) If only premium for good will brought by Rashid is to be recorded
    3) Good will to be adusted through partners' capital
  2.  
    The entree will keep with capital of Rashid.

    http://www.avicennaaccounting.com

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