while the new partner brings the premium amount to the business
we are making the entry as
Cash/Bank A/c Dr.
To Old partner's capital A/c
But here my doubt is what is the entry for the new partner in partnership concern
In my books there are no entries in respect of that ..... Anybody help me
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Partnership accounts-Admission
Replies (5)
Partner's capital account DR
To Bank/ cash
Tnx a lot sir ¡
sir , And also when new partner brings premium
They are crediting The goodwill
(Would u kindly tell me , on what purpose they are crediting it)
They are crediting The goodwill
(Would u kindly tell me , on what purpose they are crediting it)
premium part only sharing to old partners. No premium to new partner. Only capital amount can be credited to new partner.
Tnx a lot sir !¡😊
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