Goodwill Entries

Ronak Maheshwari (yuyu) (38 Points)

17 April 2010  

Please any one give me journal entries of this question:-

Nilesh & shankar are partners in a firm sharing profit and loss in ratio of 2:3. yogesh enter into partnership and bring rs. 40000 in cash as his capital for one sixth share in profit and he is also credited with rs 30000 for his separate practice as an consultant. Good will Account raised in books at rs 90000. It was agreed among nilesh and shankar that nilesh is interested in good will only upto a value of rs 15000.

Please give me journal entries.