Journal entries (Accountancy)
1.
When new partner brought capital and goodwill
Cash account dr. (debit)
To
new partner’s account (credit)
To
goodwill account (credit)
2.
When amount
of goodwill distributed among old partner’s in the sacrificing.
Goodwill account Dr.
To old partner’s capital account
3.
When amount of goodwill withdraw among old
partner
Old partner’s capital account Dr.
To cash account
4.
When p/l credit balance given in question
p/l account Dr.
To all partner’s capital account
5.
When p/l debit balance given in question
All partners’ capital account Dr.
To p/l account
6.
When general reserve is given
General reserve account Dr.
To all partner’s capital account
7.
When account of goodwill already appeared in the
book
Old partner’s capital account Dr.
To goodwill account
8.
When account
of goodwill doesn’t appeare in the book
New partner’s capital account Dr.
To old partner’s capital account