AS 10 what is the approprate form of dealing in the admission of partner

Nitin Moudgil (~) (694 Points)

30 April 2010  

Dear Friends,

 

 

Greeting

 

I am asking a silly question but i want the clarity beacuse the thing is confusing me a lot. According to updated AS 10 what is the approprate form of dealing in the admission of partner :

 

Let say 1000 Rs is for goodwill he bought and 10000 for capital

 

What entry we will do

 

 

Cash  Dr.           11000

To  New PArtner Cap A/c         10000

To PRemium          10000

 

 

Premium A/c 1000

To Old PArtners   1000

 

 

 

OR

 

Cash  11000

To New PArtner A/c 11000

 

 

NEw PArtner A/c 1000

To old partner A/c 1000

 

 

 

Please guide as my friends has confused me regardign the same