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Partnership accounts-Admission

Accounting Entries 236 views 5 replies
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jobless
263 Points Posted on 17 September 2016
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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On 17 September 2016 at 14:54 Report
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student
750 Points Posted on 17 September 2016

Partner's capital account DR

To Bank/ cash

1 Reply
On 17 September 2016 at 16:07
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jobless
263 Points Posted on 17 September 2016
Tnx a lot sir ¡
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On 17 September 2016 at 19:16
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jobless
263 Points Posted on 18 September 2016
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)
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On 18 September 2016 at 07:58
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Master in Accounts & high court Advocate
9615 Points Posted on 20 September 2016

premium part only sharing to old partners. No premium to new partner. Only capital amount can be credited to new partner.

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On 20 September 2016 at 19:54
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jobless
263 Points Posted on 20 September 2016
Tnx a lot sir !¡😊
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On 20 September 2016 at 20:03


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