Question

27C. Asin and Shreyas are partners in a firm. They admit Ajay as a new partner with 15th share in
the profits of the firm Ajay brings? 5.00,000 as his share of capital. The value of the total assets
of the firms was ? 15.00.000 and outside liabilities were valued at 7 5,00,000 on that date. Give
the necessary Journal entry to record goodwill at the time of Ajay's admission. Also show your
(C.B.S.E., A.I., 2013)
(Ans. Value of Goodwill * 10,00,000, Ajay's Share in Goodwill * 2,00,000. J/E-Adjustment
through Capital Accounts.]
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Answer 1

Answer:

Working Note:

Cal culation of value of hid den goodwill:

Total value of the f irm after admission= [1500000-500000]+500000

= 1500000

Total value of the firm based on Ajay's Ca pital= 500000 * 5/1

= 2500000

H idden Goo dwill of the fir m= 2500000-1500000= 1000000

Aj ay's share of goodwill= 1000000 * 1/5= 200000

Explanation:

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Answer 2

Explanation:

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