Question

Anil Sunil and Sanjay have omitted interest on capital for ₹8,00,000 sunil₹7,00,000and sanjay ₹3,00,000rate of interest on capital is 10/ p.a. their profit sharing ratio were in first year 4:3:2 and in second year 3:2:1 . give necessary adjustment entry at the begining of next year
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Answer 1

Answer:

hi dear the names are different but the amounts are same

Explanation:

Refer to the pic attached

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Answer 2

Answer:

for example

Working Note:

Calculation of Hidden Goodwill:

Total Capital of the firm after admission= 320000+240000+320000

= 880000

Total Capital of the firm based on Charu's capital= 320000 * 4/1

= 1280000

Therefore, Hidden Goodwill= 1280000- 880000

= 400000

Charu's share of goodwill= 400000 * 1/4= 100000