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Give necessary journal entries

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Question - A and B are partners in a firrm sharing profits and losses in the ratio of 5:3. C is admitted jn the firm for 1/5th share of profits. He is to bring in Rs.3,00,000 as capital and Rs. 80,000 as his share of Goodwill.

Give necessary journal entries.

1. When the amount of Goodwill is retained in the business.

2. When the amount of Goodwill is fully withdrawn.

3. When 50 % of the amount of Good Will is withdrawn.

Reference no: EM132629380

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