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Question
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.
Solution
Mano’s shares = `25,000 xx 2/5` = ₹ 10,000
| Date | Particulars | L.F. | Debit (₹) | Credit (₹) |
| Mano's Capital A/c ...Dr. | 10,000 | - | ||
| To Anu's Capital A/c | - | 8,000 | ||
| To Arul's Capital A/c | - | 2,000 | ||
| (Mano's Share of goodwill credited to the old partners capital A/c in the sacrificing ratio) |
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