On the admission of Rao, it was agreed that the goodwill of Murty and Shah should be valued at ₹ 30,000. Rao is to get 1/4th share of profits. Previously Murty and Shah shared profits in the ratio of 3 : 2. Rao cannot bring in any cash. Give journal entries in the books of Murty and Shah when: (a) there is no Goodwill Account and (b) Goodwill appears in the books at ₹ 10,000.

On the admission of Rao, it was agreed that the goodwill of Murty and

1.	On the admission of Rao, it was agreed that the goodwill of Murty and Shah should be valued at ₹ 30,000. Rao is to get 1/4th share of profits. Previously Murty and Shah shared profits in the ratio of 3 : 2. Rao cannot bring in any cash. Give journal entries in the books of Murty and Shah when: (a) there is no Goodwill Account and (b) Goodwill appears in the books at ₹ 10,000.
Answer» A journal entry is the act of keeping or MAKING records of any transactions either Economic or NON economic. Transactions are listed in an accounting journal that SHOWS a company's DEBIT and CREDIT balances. The journal entry can consist of several recordings, each of which is either a debit or a credit

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