accounting a level

Question 1

where will u put goodwill if it is not retained in the partnership

Answer 1

goodwill divided with new ratio debit and old ratio credit because the old goodwill will be counted as old partners capital

Question 2

capital account, where will the balances go

Answer 2

money coming into business= credit
money going out of business= debit

Question 3

current account, where will the balances go.

Answer 3

money coming into business = debit
money going out of business = credit

Question 4

statement of financial position( current account balance) where will the balance go

Answer 4

if balance b/d is debit then debit in owner equity, if balance b/d is credit then credit in owners equity, credit is added to total liabilities and debit is minuses.

Question 5

for journal what type of entry will go in debit and credit

Answer 5

if money in entering that account, debit and if money is leaving that account, credit, if profit is decreasing debit and if profit is increasing credit.