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प्रश्न
Bhuwan and Shivam were partners in a firm sharing profits in the ratio of 3 : 2. Their capitals were ₹ 50,000 and ₹ 75,000 respectively. They admitted Atul on 1st April, 2018 as a new partner for 1/4th share in future profits. Atul brought ₹ 75,000 as his capital. Calculate the value of goodwill of the firm and record necessary Journal entries for the above transactions on Atul's admission.
उत्तर
The journal entries are as follow :
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Journal |
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Date |
Particulars |
L.F. |
Debit Amount (Rs) |
Credit Amount (Rs) |
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April 1 |
Bank/Cash A/c |
Dr. |
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75,000 |
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To Atul’s Capital A/c |
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75,000 |
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(for capital brought on Atul’s admission) |
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April 1 |
Atul’s Capital A/c |
Dr. |
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25,000 |
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To Bhuwan’s Capital A/c |
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15,000 |
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To Shivam’s Capital A/c |
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10,000 |
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(for goodwill distributed in sacrificing ratio of 3:2) |
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Here, Atul is entered into partnership for 1/4th share in future profits. He contributes Rs 75,000 towards his share of capital.
Taking Atul’s capital as the base, we can calculate the firm’s capital as
Firm's Capital = New Partner's Capital × Reciprocal of his share
i.e., = 75,000 × 4 = Rs 3,00,000
However, the total capital as at that date is Rs 2,00,000 (i.e. 50,000 + 75,000 + 75,000)
So, the difference of 1,00,000 is hidden goodwill.
Atul’s share in goodwill = 1/4th of 1,00,000 = Rs 25,000
Note : In this case, as no information is provided for the share sacrificed by the old partners, so it is assumed that the old partners are sacrificing in their old profit share.
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