Question

.3. X and Y are partners in a firm with capital of ₹20,000 and ₹22,000. Z was admitted for 1/3rd share in profits and brings ₹24,000 as capital. Calculate the amount of goodwill: (1)
(a) ₹ 15,000 (b) ₹ 20,000 (c) ₹ 10,000 (d) ₹ 6,000

Answer 1

Answer:

Hidden goodwill

Total capital of new firm on the basis of new oartner capital and share

24000*3/1=72000

Total capital of new firm = 72000

(-) capital of old oartners = 42000

(20000+22000)

(-) new partner capital = 24000

goodwill = 6000

Option d is correct

Answer 2

ANSWER :

❖ Option (d) Rs. 6,000

• ➺ If X and Y are partners in a firm with capital of Rs. 20,000 and Rs. 22,000 respectively and Z was admitted for 1/3rd share in profits, Z brings Rs. 24,000 as his capital; then the amount of Goodwill of the firm will be Rs. 6,000.

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SOLUTION :

❒ Given :-

• X and Y are partners in a firm with capital of Rs. 20,000 and Rs. 22,000 respectively.

• Z was admitted for 1/3rd share in profits.

• Z brings Rs. 24,000 as his capital.

❒ To Calculate :-

• Amount of Goodwill of the firm = ?

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❒ Calculation :-

It is given that,

• Z was admitted for $\sf{\dfrac{1}{3}}$ rd share in profits.

• Z brings Rs. 24,000 as his capital.

So,

• ★ Total Capital of the firm after Z's admission  = Capital Invested by Z × Reciprocal of the Share of Z

⇒ Total Capital of the firm after Z's admission = $\sf{Rs. \: 24,000 \times \dfrac{3}{1}}$

⇒ Total Capital of the firm after Z's admission = Rs. 72,000

Again,

• X and Y are partners in a firm with capital of Rs. 20,000 and Rs. 22,000 respectively.

• Capital of Z is Rs. 24,000.

So,

• ★ Total Capital of all the all partners = Capital of X + Capital of Y + Capital of Z

⇒ Total Capital of all the three partners = Rs. 20,000 + Rs. 22,000 + Rs. 24,000

⇒ Total Capital of all the three partners = Rs. 66,000

Now,

• Total Capital of the firm after Z's admission = Rs. 72,000

• Total Capital of all the three partners = Rs. 66,000

Hence,

• ✪ Amount of Goodwill of the firm = Total Capital of the firm after Z's admission - Total Capital of all the three partners

➨ Value of Goodwill = Rs. 72,000 - Rs. 66,000

∴ Value of Goodwill = Rs. 6,000