Question

Abhay and Beena are partners in a firm. They admit Chetan as a partner with 1/4th share
in the profits of the firm. Chetan brings 72,00,000 as his share of capital. The value of the
total assets of the firm is 5,40,000 and outside liabilities are valued at 1,00,000 on that
date. Give necessary entry to record goodwill at the time of Chetan's admission. Also show
your working notes.
(Delhi 2013)
Value of Chetan's Share in Firm's Goodwill. 40.000​

Answer 1

Answer:

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