Question

44. Disha and Divya are partners in a firm sharing profits in the ratio of 3:2. The fived capital of the
? 4,80,000 and of Divya is 3,00,000. On 1st April, 2020 they admitted Hina as a new partner for
share in future profits. Hina brought 3,00,000 as her capital. Calculate value of goodwill of the firmwa
record necessary Journal entries on Hina's admission,
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Answer 1

Answer:

Question-Disha and Divya are partners in a firm sharing profits in the ratio of 3:2 respectively. The fixed capital of Disha is Rs.4,80,000 and of Divya is Rs.3,00,000. On 1  

st

April,2018 they admitted Hina as a new partner for 1/5  

th

 share in future profit. Hina brought Rs.3,00,000 as her capital. Calculate value of goodwill of the firm and record necessary Journal entries on Hina's admission.

Explanation:

Answer-(i) Calculation of Goodwill:

Total capital of the firm after admission= 480000+300000+300000

                                                                = 1080000

Total capital of the firm based on Hina's capital= 300000 * 5/1

                                                                              = 1500000

Hidden Goodwill= 1500000-1080000

                           = 420000

Therefore, Hina's share= 420000 * 1/5= 84000

(ii)                                          JOURNAL

1. Cash a/c....                                                Dr.              300000

          To Hina's Capital a/c                                                       300000

(Being capital brought in by Hina)

2. Hina's Current a/c...                                 Dr.              84000

          To Disha's Current a/c                                                    50400

          To Divya's Current a/c                                                     33600

(Being Hina's share of goodwill adjusted through the current accounts)