Ngozi and Musa with a capital of #30,000 each decide to admit Mary into the partnership business with a capital of #20,000 and goodwill #15,000.If the profi...

Question 1 Report

Ngozi and Musa with a capital of #30,000 each decide to admit Mary into the partnership business with a capital of #20,000 and goodwill #15,000.If the profits and losses are to be shared equally, the journal entries to record goodwill are

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

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

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

debit old partners capital #15,000, credit cash #20,000 and Mary's capital #35,000

Partnership Accounts

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