CBSE Class 12-commerce Answered
In admission of partners que no.102 why we will debit C's current account for why we can't debit to C's capital account at the place of C's current a/c for the balance amount of Goodwill 96000.
Can we create this entry
C's capital a/c. Dr. 96000
To C's capital. 64000
To B's capital 32000
Asked by Smitakhadayate20 | 20 Aug, 2019, 07:20: AM
Expert Answer
There are 2 methods of maintaining Capital Accounts of the partners:
- Fixed Capital Accounts
- Fluctuating Capital Accounts
In the absence of any instructions, fluctuating capital accounts should be maintained. In the mentioned question, since no instructions are given with respect to the method of capital accounts to be maintained, fluctuating capital accounts method can be used and the entry can be passed through Partners' Capital Accounts.
Answered by Surabhi Gawade | 20 Aug, 2019, 10:21: AM
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