Gaurav and Neeraj are partners in a firm. Gopal was admitted for 1/5th share. Gopal brought stock Rs.4,000, Building Rs. 10,000, Debtors Rs. 6,000 and creditors Rs 12,000. On the date of admission, General Reserve of Rs. 8,000 was shown in the books of account. Gopal will bring his share of Goodwill Rs. 2,000 in cash, his capital was determined Rs. 17,000 and rest amount will be brought in cash. Give necessary journal entries at the time of admission of Gopal.
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The question seems to be incomplete or unclear as we didn't get which rest amount he bought in cash. Recheck your question so that we can provide you some meaningful help.
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The question seems to be incomplete or unclear as we didn't get which rest amount he bought in cash. Recheck your question so that we can provide you some meaningful help.
Look forward to hearing from you again.
Regards