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प्रश्न
Disha and Divya are partners in a firm sharing profits in the ratio of 3 : 2 respectively. The fixed capital of Disha is ₹ 4,80,000 and of Divya is ₹ 3,00,000. On 1st April, 2019 they admitted Hina as a new partner for 1/5th share in future profits. Hina brought ₹ 3,00,000 as her capital. Calculate value of goodwill of the firm and record necessary Journal entries on Hina's admission.
उत्तर
| Journal | |||||
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Date |
Particulars |
L.F. |
Debit Amount (₹) |
Credit Amount (₹) |
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2019 April 1 |
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|
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To Hina’s Capital A/c |
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|
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3,00,000 |
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(Capital brought in by Hina) |
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April 1 |
Hina’s Current A/c |
Dr. |
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84,000 |
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To Disha’s Current A/c |
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50,400 |
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To Divya’s Current A/c |
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33,600 |
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(Hina’s Share of Goodwill adjusted |
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Working Note:
Calculation of Hidden Goodwill
Total Capital of the firm on basis of Hina's Capital ( 3,00,000 x `5/1`) = 15,00,000
Less : Adjusted Capital of old partners + Incoming partners Capital = 10,80,000
= 4,20,000
Hina's share of Goodwill : 4,20,000 x `1/5` = 84,000.
APPEARS IN
संबंधित प्रश्न
Aditya and Balan are partners sharing profits and losses in 3:2 ratio. They admitted Christopher for 1/4 share in the profits. The new profit sharing ratio agreed was 2:1:1. Christopher brought Rs. 50,000 for his capital. His share of goodwill was agreed to at Rs. 15,000. Christopher could bring only Rs. 10,000 out of his share of goodwill. Record necessary journal entries in the books of the firm?
Amit and Viney are partners in a firm sharing profits and losses in 3:1 ratio. On 1.1.2017 they admitted Ranjan as a partner. On Ranjan’s admission the profit and loss account of Amit and Viney showed a debit balance of Rs 40,000. Record necessary journal entry for the treatment of the same.
The following was the Balance Sheet of Arun, Bablu and Chetan sharing profits and losses in the ratio of `6/14 : 5/14 : 3/14` respectively.
|
Liabilites |
Amount (Rs) |
Assets |
Amount (Rs) |
||
|
Creditors |
|
9,000 |
Land and Buildings |
24,000 |
|
|
Bills Payable |
|
3,000 |
Furniture |
3,500 |
|
|
Capital Accounts |
|
|
Stock |
14,000 |
|
|
|
Arun |
19,000 |
|
Debtors |
12,600 |
|
|
Bablu |
16,000 |
|
Cash |
900 |
|
|
Chetan |
8,000 |
43,000 |
|
|
|
|
|
55,000 |
|
55,000 |
|
They agreed to take Deepak into partnership and give him a share of 1/8 on the following terms:
(a) that Deepak should bring in Rs 4,200 as goodwill and Rs 7,000 as his Capital;
(b) that furniture be depreciated by 12%;
(c) that stock be depreciated by 10% ;
(d) that a Reserve of 5% be created for doubtful debts;
(e) that the value of land and buildings having appreciated be brought upto Rs 31,000;
(f) that after making the adjustments the capital accounts of the old partners (who continue to share in the same proportion as before) be adjusted on the basis of the proportion of Deepak’s Capital to his share in the business, i.e., actual cash to be paid off to, or brought in by the old partners as the case may be.
Prepare Cash Account, Profit and Loss Adjustment Account (Revaluation Account) and the Opening Balance Sheet of the new firm.
Ashish and Dutta were partners in a firm sharing profits in 3:2 ratio. On Jan. 01, 2015 they admitted Vimal for 1/5 share in the profits. The Balance Sheet of Ashish and Dutta as on Jan. 01, 2016 was as follows
|
Balance Sheet of A and B as on 1.1.2016 |
||||
|
Liabilites |
Amount Rs |
Assets |
Amount Rs |
|
|
Creditors |
15,000 |
Land & Building |
35,000 |
|
|
Bills Payable |
10,000 |
Plant |
45,000 |
|
|
Ashish Capital |
80,000 |
Debtors |
22,000 |
|
|
Dutta’s Capital |
35,000 |
Less : Provision |
2,000 |
20,000 |
|
|
|
Stock |
35,000 |
|
|
|
|
Cash |
5,000 |
|
|
|
1,40,000 |
|
1,40,000 |
|
It was agreed that:
i) The value of Land and Buildingbeincreased by Rs 15,000.
ii) The value of plantbeincreased by 10,000.
iii) Goodwill of the firm be valued at Rs 20,000.
iv) Vimal to bring in capital to the extent of 1/5th of the total capital of the new firm.
Record the necessary journal entries and prepare the Balance Sheet of the firm after Vimal’s admission.
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Pass entries in the firm's journal for the following on admission of a partner:
(i) Machinery be reduced by ₹ 16,000 and Building be appreciated by ₹ 40,000.
(ii) A provision be created for Doubtful Debts @ 5% of Debtors amounting to ₹ 80,000.
(iii) Provision for warranty claims be increased by ₹ 12,000.
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.
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.
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A and B are partners in firm sharing profits in the ratio of 3 : 2. They admit C as a new partner for `1/4` share. New Ratio of A and B will be 2 : 1. Sacrificing ratio will be:
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Gain/loss on revaluation at the time of change in profit sharing ratio of existing partners is shared by ______ whereas in case of admission of a partner it is shared by ______.
Asha and Nisha are partners sharing profits in the ratio of 2:1. Kashish was admitted for `1/4` share of which `1/8` was gifted by Asha. The remaining was contributed by Nisha.
Goodwill of the firm is valued at ₹ 40,000. How much amount for goodwill will be credited to Nisha’s Capital account?
At the time of admission of new partner Vasu, old partners Paresh and Prabhav had debtors of ₹ 6,20,000 and a provision for doubtful debts of ₹ 20,000 in their books. As per terms of admission, assets were revalued, and it was found that debtors worth ₹ 15,000 had turned bad and hence should be written off. Which journal entry reflects the correct accounting treatment of the above situation?
After admission what rights does the partner gets?
On admission of a new partner, an increase in the value of assets is debited to ______
Which of the following is not readjusted at the time of admission of a new partner?
Pick the odd one out:
