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प्रश्न
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.
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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April 1 |
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Debtors A/c |
Dr. |
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80,000 |
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Land A/c |
Dr. |
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1,00,000 |
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Plant and Machinery A/c |
Dr. |
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40,000 |
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To Z’s Capital A/c |
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1,30,000 |
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To Premium for Goodwill A/c |
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1,50,000 |
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(Z brought assets for his share of goodwill and Capital) |
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April 1 |
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To X’s Capital A/c |
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90,000 |
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To Y’s Capital A/c |
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60,000 |
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(Z’s share of Goodwill distributed between X and Y in sacrificing ratio) |
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Working Notes:
WN1
Z's share of Goodwill = 6,00,000 x `1/4` = Rs. 1,50,000
WN 2
X will get = 1,50,000 x `3/5` = Rs. 90,000
Y will get = 1,50,000 x `2/5` = Rs. 60,000.
APPEARS IN
संबंधित प्रश्न
Mohan Lal and Sohan Lal were partners in a firm sharing profits and losses in 3:2 ratio. They admitted Ram Lal for 1/4 share on 1.1.2013. It was agreed that goodwill of the firm will be valued at 3 years purchase of the average profits of last 4 years which were Rs. 50,000 for 2013, Rs. 60,000 for 2014, Rs. 90,000 for 2015 and Rs. 70,000 for 2016. Ram Lal did not bring his share of goodwill premium in cash. Record the necessary journal entries in the books of the firm on Ram Lal’s admission when:
a) Goodwill already appears in the books at Rs. 2,02,500.
b) Goodwill appears in the books at Rs. 2,500.
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