3. Anu and Binu are in partnership sharing profits and losses in the ration of 3:2. The capitals of Anu
and Binu remaining after adjustments are 80000 and 60000 respectively. They admit Cenu as
a third partner who is to contribute sufficient capital to acquire a fifth share of total capital of the
new firm equally from both the partners Anu and Binu. Calculate the capital to be brought in by
Cenu.
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Answers
Answer:
Anu and Bhagwan were partners in a firm sharing profit in the ratio of 3:1. Goodwill appeared in the books at Rs.4,40,000. Raja was admitted to the partnership. The new profit-sharing ratio among Anu, Bhagwan and Raja was 2:2:1. Raja brought Rs.1,00,000 for his capital and necessary cash for his goodwill premium. The goodwill of the firm was valued at Rs.2,50,000.
Record necessary Journal entries in the books of the firm for the above transaction.
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ANSWER
(i) Anu's Capital a/c... Dr. 330000
Bhagwan's Capital a/c.... Dr. 110000
To Goodwill a/c 440000
(Being goodwill written off)
(ii) Bank a/c.... Dr. 150000
To Raja's Capital a/c 100000
To Premium for Goodwill a/c 50000
(Being cash and premium for goodwill brought in by Raja)
(iii) Premium for goodwill a/c.... Dr. 50000
Bhagwan's Capital a/c.... Dr. 37500
To Anu's Capital a/c 87500
(Being premium for goodwill and Bhagwan's gain transferred to Anu)
Working Note:
Calculation of sacrificing ratio:
Anu's sacrifice= 3/4- 2/5= 7/20
Bhagwan's gain= 1/4- 2/5= -3/20
Total goodwill of the firm= 250000
Bhagwan's share= 3/20* 250000
= 37500
Explanation:
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