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प्रश्न
Deepak, Senthil and Santhosh are partners sharing profits and losses equally. They admit Jerald into a partnership for 1/3 share in future profits. The goodwill of the firm is valued at ₹ 45,000 and Jerald brought cash for his share of goodwill. The existing partners withdraw half of the amount of their share of goodwill. Pass necessary journal entries for adjusting goodwill on the assumption that the fluctuating capital method is followed.
उत्तर
| Journal Entries | ||||
| Date | Particulars | L.F. | Debit ₹ |
Credit ₹ |
| 1. | Bank A/c ...Dr. | 15,000 | - | |
| To Deepak's Capital A/c | - | 5,000 | ||
| To Senthil's Capital A/c | - | 5,000 | ||
| To Santhosh's Capital A/c | - | 5,000 | ||
| (Cash brought for goodwill credited to old partner's capital a/c in sacrificing ratio) |
||||
| 2. | Deepak's Capital A/c ...Dr. | 2,500 | - | |
| Senthil's Capital A/c ...Dr. | 2,500 | - | ||
| Santhosh's Capital A/c ...Dr. | 2,500 | - | ||
| To Bank A/c | - | 7,500 | ||
| (Cash withdrawn by the partner) | ||||
Jerald’s Share of goodwill = `₹ 45,000 xx 1/3` = ₹ 15,000
The sacrifice made by the existing partners is not mentioned. They are assumed to sacrifice in their old share profit ratio = 1 : 1 : 1.
Therefore, Sacrificing ratio = 1 : 1 : 1.
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संबंधित प्रश्न
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- write off the entire amount of existing goodwill
- write off half of the existing goodwill.
Give the journal entry for writing off existing goodwill at the time of admission of a new partner.
Write a short note on the accounting treatment of goodwill.
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Aparna and Priya are partners who share profits and losses in the ratio of 3:2. Brindha joins the firm for 1/5 share of profits and brings in cash for her share of goodwill of ₹ 10,000. Pass necessary journal entries for adjusting goodwill on the assumption that the fluctuating capital method is followed and the partners withdraw the entire amount of their share of goodwill.
Deepak, Senthil and Santhosh are partners sharing profits and losses equally. They admit Jerald into partnership for 1/3 share in future profits. The goodwill of the firm is valued at ₹45,000 and Jerald brought cash for his share of goodwill. The existing partners withdraw half of the amount of their share of goodwill. Pass necessary journal entries for adjusting goodwill on the assumption that the fluctuating capital method is followed.
Deepak, Senthil and Santhosh are partners sharing profits and losses equally. They admit Jerald into a partnership for 1/3 share in future profits. The goodwill of the firm is valued at ₹ 45,000 and Jerald brought cash for his share of goodwill. The existing partners withdraw half of the amount of their share of goodwill. Pass necessary journal entries for adjusting goodwill on the assumption that the fluctuating capital method is followed.
Anu and Arul were partners in a firm, sharing profits and losses in the ratio of 4:1. They have decided to admit Mano into the firm for a 2/5 share of profits. The goodwill of the firm on the date of admission was valued at ₹ 25,000. Mano is not able to bring in cash for his share of goodwill. Pass the necessary journal entry for goodwill on the assumption that the fluctuating capital method is followed.
Aparna and Priya are partners who share profits and losses in the ratio of 3 : 2. Brindha joins the firm for 1/5 share of profits and brings in cash for her share of goodwill of ₹ 10,000. Pass necessary journal entry for adjusting goodwill on the assumption that the fluctuating capital method is followed and the partners withdraw the entire amount of their share of goodwill.
Anu and Arul were partners in a firm sharing profits and losses in the ratio of 4 : 1. They have decided to admit Mano into the firm for 2/5 share of profits. The goodwill of the firm on the date of admission was valued at ₹25,000. Mano is not able to bring in cash for his share of goodwill. Pass necessary journal entry for goodwill on the assumption that the fluctuating capital method is followed.
Deepak, Senthil and Santhosh are partners sharing profits and losses equally. They admit Jerald into partnership for 1/3 share in future profits. The goodwill of the firm is valued at ₹ 45,000 and Jerald brought cash for his share of goodwill. The existing partners withdraw half of their share of goodwill. Pass necessary journal entries for adjusting goodwill on the assumption that the fluctuating capital method is followed.
Deepak, Senthil and Santhosh are partners sharing profits and losses equally. They admit Jerald into partnership for 1/3 share in future profits. The goodwill of the firm is valued at ₹ 45,000 and Jerald brought cash for his share of goodwill. The existing partners withdraw half of the amount of their share of goodwill. Pass necessary journal entries for adjusting goodwill on the assumption that the fluctuating capital method is followed.
Aparna and Priya are partners who share profits and losses in the ratio of 3:2. Brindha joins the firm for 1/5 share of profits and brings in cash for her share of goodwill of ₹ 10,000. Pass necessary journal entry for adjusting goodwill on the assumption that the fluctuating capital method is followed and the partners withdraw the entire amount of their share of goodwill.
Aparna and Priya are partners who share profits and losses in the ratio of 3 : 2. Brindha joins the firm for 1/5 share of profits and brings in cash for her share of goodwill of ₹ 10,000. Pass necessary journal entry for adjusting goodwill on the assumption that the fluctuating capital method is followed and the partners withdraw the entire amount of their share of goodwill.
Anu and Arul were partners in a firm sharing profits and losses in the ratio of 4:1. They have decided to admit Mano into the firm for 2/5 share of profits. The goodwill of the firm on the date of admission was valued at ₹ 25,000. Mano is not able to bring in cash for his share of goodwill. Pass necessary journal entry for goodwill on the assumption that the fluctuating capital method is followed.
