Note : Goodwill a/c to be adjusted 5. Kishan and Gopal are partners in a firm sharing profits and losses equally. They admit Shyaas a partner for 1/5th share of profits. Shyam brings into partnershipbook debts amounting*20,000, the goodwill of his connections valued at 40,000 and balance in cash, borrowed fromhis friend Murlidhar, so as to make his capital equal to 1,20,000. The goodwill of the old for(Kishan and Gopal) is to be taken at 60,000.Show Journal entries in the books of the firm.

Note : Goodwill a/c to be adjusted 5. Kishan and Gopal are partners

1.	Note : Goodwill a/c to be adjusted 5. Kishan and Gopal are partners in a firm sharing profits and losses equally. They admit Shyaas a partner for 1/5th share of profits. Shyam brings into partnershipbook debts amounting*20,000, the goodwill of his connections valued at 40,000 and balance in cash, borrowed fromhis friend Murlidhar, so as to make his capital equal to 1,20,000. The goodwill of the old for(Kishan and Gopal) is to be taken at 60,000.Show Journal entries in the books of the firm.
Answer» in the journal write goodwill AC goodwill is an intangible ASSET to write in assets SIDE

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