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प्रश्न
Amar, Ram, Mohan and Sohan were partners in a firm sharing profits in the ratio of 2 : 2 : 2 : 1. On 31st January, 2017 Sohan retired. On Sohan's retirement the goodwill of the firm was valued at Rs 70,000. The new profit sharing ratio between Amar, Ram and Mohan was agreed as 5 : 1 : 1.
Showing your working notes clearly, pass necessary Journal Entry for the treatment of goodwill in the books of the firm on Sohan's retirement.
उत्तर
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Journal |
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Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
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Amar’s Capital A/c |
Dr. |
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30,000 |
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To Ram’s Capital A/c |
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10,000 |
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To Mohan’s Capital A/c |
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10,000 |
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To Sohan’s Capital A/c |
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10,000 |
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(Goodwill adjusted through capitals) |
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Notes
`"Gaining Ratio"= "New Ratio"-"Old Ratio "`
Amar=`5/7-2/7=3/7`
Ram=`1/7-2/7=-1/7` (sacrifice)
Mohan=`1/7-2/7=-1/7` (sacrifice)
Amar's share of goodwill =`70,000xx3/7=Rs30,000`
Ram 's share of goodwill=`70,000xx1/7=Rs10,000`
Mohan's share of goodwill=`70,000xx1/7=Rs 10,000`
Sohan's share of goodwill=`70,000xx1/7=Rs 10,000`
संबंधित प्रश्न
The proprietary ratio of M Ltd. is 0.80:1 State with reasons whether the following transactions will increase, decrease or not change the proprietary ratio:
1) Obtained a loan from bank Rs 2, 00,000 payable after five years.
2) Purchased machinery for cash Rs 75,000
3) Redeemed 5% redeemable preference shares Rs 1,00,000
Issued equity shares to the vendors of machinery purchased for Rs 4,00,000.
'Samta Limited' invited applications for issuing 6,750 equity shares of Rs 10 each. The amount was payable as follows :
On application - Rs 3 per share
On allotment - Rs 5 per share
On first and final call - Rs 2 per share
The issue was fully subscribed. Subhash applied for 250 shares and paid his entire share money with application. Moti applied for 175 shares and paid allotment money also with an application. The amount received with applications was:
(a) Rs 16,750
(b) Rs 16,000
(c) Rs 19,250
(d) Rs 22,875
Pass necessary journal entries in the following cases
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On Application: Rs 15
On Allotment: Rs 20
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b. Also, prepare 'Notes to Accounts' for the same
Pass necessary journal entries in the Given cases :
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On Second and Final Call – Balance Amount.
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On application and allotment – Rs 8 per share (including premium)
On first and final call – the balance amount.
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On First and Final Call − Balance
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Shares having voting right.
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|
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