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ACCOUNTING

JAMB 2012 - Question 40

Account 2012 JAMB Past Questions - Question 40: Ngozi and Musa with a capital of N30,000 each decide to admit Mary into the partnership business with a capital of N20,000 and goodwill N15,000. If the profits and losses are to be shared equally, the journal entries to record goodwill are

Choose the most appropriate option for the gap .

Ngozi and Musa with a capital of N30,000 each decide to admit Mary into the partnership business with a capital of N20,000 and goodwill N15,000. If the profits and losses are to be shared equally, the journal entries to record goodwill are

A: debit goodwill #15,000, cash #20,000 and credit Mary's capital #35,000

B: credit goodwill #15,000, cash #20,000 and debit Mary's capital #35,000

C: debit goodwill N15,000, credit cash N20,000 and credit Mary's capital N20,000

D: debit old partners capital N15,000, credit cash N20,000 and Mary's capital N35,000.

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ACCOUNTING

Account 2012 JAMB Past Questions - Question 40: Ngozi and Musa with a capital of N30,000 each decide to admit Mary into the partnership business with a capital of N20,000 and goodwill N15,000. If the profits and losses are to be shared equally, the journal entries to record goodwill are

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Correct Answer

Explanation