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प्रश्न
E and F were partners in a firm sharing profits in the ratio of 3 : 1. They admitted G as a new partner on 1st April, 2019 for 1/3rd share. It was decided that E, F and G will share future profits equally. G brought ₹ 50,000 in cash and machinery valued at ₹ 70,000 as premium for goodwill.
Pass necessary Journal entries in the books of the firm.
उत्तर
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Journal |
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Date |
Particulars |
L.F. |
Debit Amount (₹) |
Credit Amount (₹) |
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2019 |
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Machinery A/c |
Dr. |
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70,000 |
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To Premium for Goodwill A/c |
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1,20,000 |
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(G brought cash Rs 50,000 and Machinery |
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April 1 |
Premium for Goodwill A/c |
Dr. |
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1,20,000 |
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To E’s Capital A/c |
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1,20,000 |
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(G share of goodwill transferred to E’s Capital Account) |
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April 1 |
F’s Capital A/c |
Dr. |
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30,000 |
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To E’s Capital A/c |
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30,000 |
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(F’s share of gain in goodwill charged from his capital and transferred to E’s capital) |
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Working Notes :
WN 1:
Old Ratio = E : F
3 : 1
E : F : G
New Ratio = 9 : 1 : 1
Sacrificing Ratio = Old Ratio - New Ratio
E's = `3/4 - 1/3 = 5/12`
F's = `1/4 - 1/3 = -1/12`
WN2
Calculation of F’s share of gain in goodwill
G’s share of Goodwill = 50,000 + 70,000 = Rs 1, 20,000
Goodwill of the firm on the basis of G’s share = 1,20,000 x `3/1` = Rs. 3,60,000
F’s share of gain in goodwill = 3,60,000 x `1/12` = Rs. 30,000.
APPEARS IN
संबंधित प्रश्न
Arti and Bharti are partners in a firm sharing profits in 3:2 ratio, They admitted Sarthi for 1/4 share in the profits of the firm. Sarthi brings Rs. 50,000 for his capital and Rs. 10,000 for his 1/4 share of goodwill. Goodwill already appears in the books of Arti and Bharti at Rs. 5,000. the new profit sharing ratio between Arti, Bharti and Sarthi will be 2:1:1. Record the necessary journal entries in the books of the new firm?
A and B share profits in the proportions of 3/4 and 1/4. Their Balance Sheet on March 31, 2016 was as follows:
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Balance Sheet of A and B as on March 31, 2016 |
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Liabilites |
Amount (Rs) |
Assets |
Amount (Rs) |
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Sundry creditors |
41,500 |
Cash at Bank |
26,500 |
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Reserve fund |
4,000 |
Bills Receivable |
3,000 |
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Capital Accounts |
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Debtors |
16,000 |
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A |
30,000 |
Stock |
20,000 |
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B |
16,000 |
Fixtures |
1,000 |
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Land & Building |
25,000 |
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91,500 |
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91,500 |
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On April 1,2017, C was admitted into partnership on the following terms:
- That C pays Rs 10,000 as his capital.
- That C pays Rs 5,000 for goodwill. Half of this sum is to be withdrawn by A and B.
- That stock and fixtures be reduced by 10% and a 5%, provision for doubtful debts be created on Sundry Debtors and Bills Receivable.
- That the value of land and buildings be appreciated by 20%.
- There being a claim against the firm for damages, a liability to the extent of Rs 1,000 should be created.
- An item of Rs 650 included in sundry creditors is not likely to be claimed and hence should be written back.
Record the above transactions (journal entries) in the books of the firm assuming that the profit sharing ratio between A and B has not changed. Prepare the new Balance Sheet on the admission of C.
Azad and Babli are partners in a firm sharing profits and losses in the ratio of 2:1. Chintan is admitted into the firm with 1/4 share in profits. Chintan will bring in Rs 30,000 as his capital and the capitals of Azad and Babli are to be adjusted in the profit sharing ratio. The Balance Sheet of Azad and Babli as on March 31, 2016 (before Chintan’s admission) was as follows:
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Balance Sheet of A and B as on 31.03.2016 |
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Liabilites |
Amount (Rs) |
Assets |
Amount (Rs) |
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Creditors |
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8,000 |
Cash in hand |
2,000 |
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Bills payable |
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4,000 |
Cash at bank |
10,000 |
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General reserve |
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6,000 |
Sundry debtors |
8,000 |
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Capital accounts: |
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Stock |
10,000 |
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Azad |
50,000 |
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Funiture |
5,000 |
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Babli |
32,000 |
82,000 |
Machinery |
25,000 |
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Buildings |
40,000 |
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1,00,000 |
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1,00,000 |
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It was agreed that
i) Chintan will bring in Rs 12,000 as his share of goodwill premium.
ii) Buildings were valued at Rs 45,000 and Machinery at Rs 23,000.
iii) A provision for doubtful debts is to be created @ 6% on debtors.
iv) The capital accounts of Azad and Babli are to be adjusted by opening current accounts.
Record necessary journal entries, show necessary ledger accounts and prepare the Balance Sheet after admission.
X and Y were partners in a firm sharing profits and losses in the ratio of 2 : 1. Z was admitted for 1/3rd share in the profits. On the date of Z's admission, the Balance Sheet of X and Y showed General Reserve of ₹ 2,50,000 and a credit balance of ₹ 50,000 in Profit and Loss Account. Pass necessary Journal entries on the treatment of these items on Z's admission.
X and Y are partners in a firm sharing profits in the ratio of 3 : 2. They admitted Z as a partner and fixed the new profit-sharing ratio as 3 : 2 : 1. At the time of admission of Z, Debtors and Provision for Doubtful Debts appeared at ₹ 50,000 and ₹ 5,000 respectively all debtors are good. Pass the necessary Journal entries.
X and Y are partners in a firm sharing profits in the ratio of 3 : 2. On 1st April, 2019, they admit Z as a partner for 1/4th share in the profits. Z contributed following assets towards his capital and for his share of goodwill:
Stock ₹ 60,000; Debtors ₹ 80,000; Land ₹ 1,00,000, Plant and Machinery ₹ 40,000.
On the date of admission of Z, the goodwill of the firm was valued at ₹ 6,00,000.
Pass necessary Journal entries in the books of the firm on Z's admission.
A, B, C and D are in partnership sharing profits and losses in the ratio of 36 : 24 : 20 : 20 respectively. E joins the partnership for 20% share and A, B, C and D in future would share profits among themselves as 3/10 : 4/10 : 2/10 : 1/10. Calculate new profit-sharing ratio after E's admission.
Why a new partner is admitted to the firm?
Out of the following, which is the main right of a partner?
According to Section 30 of Partnership Act 1932:
(A) A Minor can be admitted as a partner by the consent of all partners for the time being.
(B) A new partner will bring capital and goodwill in cash.
(C) A new partner is allowed to share old profits.
(D) A new partner will inspect the books of accounts.
A and B are partners in firm sharing profits in the ratio of 4 : 3. They admit C as a new partner. New Ratio will be 2 : 3 : 1. Sacrificing ratio will be:
If a new partner is admitted during the year the profits for the year should be divided between __________ period on an agreed basis.
Kalki and Kumud were partners sharing profits and losses in the ratio of 5:3. On 1st April,2021 they admitted Kaushtubh as a new partner and new ratio was decided as 3:2:1.
Goodwill of the firm was valued as ₹3,60,000. Kaushtubh couldn’t bring any amount for goodwill. Amount of goodwill share to be credited to Kalki and Kumud Account’s will be:
According to which section of the Indian Partnership Act, 1932, a person be admitted as a new partner?
Pick the odd one out:
On admission of a new partner, an increase in the value of assets is debited to ______
Pick the odd one out:
