Question

A and B are partners in 3:2 ratio. they admitted C for 1/3 share. he brings₹70000 of which ₹40000 capital and remaining amount in his goodwill. the old partnership withdrew 50% of the share of goodwill. record the transaction in journal. (Goodwill partially withdraw.)​

Answer 1

Answer:

JOURNAL

1. Cash a/c.....                                   Dr.                    21000

            To Premium for goodwill a/c                                21000

(Being Premium for goodwill brought in by C)

2. Premium for goodwill a/c....        Dr.                   21000

                To A's Capital a/c                                             9000

                 To B's Capital a/c                                             12000

(Being premium for goodwill brought in by C, distributed among the partners in the ratio 3:4)

Working Note:

A's old share= 3/5

B's old share= 2/5

C is admitted as a new partner.  

A's sacrifice= 3/5 * 1/5  

                  = 3/25

B's sacrifice= 2/5 * 2/5

                   = 4/25

Sacrificing ratio= 3:4

C's share= 3/25 + 4/25

              = 7/25

Hence, C's share of goodwill= 7/25 * 75000

                                               = 21000

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Explanation: