Question

Asha and Aditi are partners in a firm shan
hers in a firm sharing profits and losses in the
ratio of 3: 2. They admit Raghay as a partner for th share in the profits
of the firm. Raghav brings
naghav brings
6,00,000 as his
6,00,000 as his capital and his share of
goodwill in cash. Goodwill of the firm is to be valued at two years
purchase of average profits of the last four years.
The profits of the firm during the last four years are given below
Year
2013-14
2014-15
4,75,000
2015 - 16
6,70,000
2016-17
7,45,000

3,50,000​

Answer 1

Answer:

SR,NO  PARTICULAR  AMOUNT  AMOUNT

1  Bank a/c ____dr

     To Raghav capital a/c

      To Goodwill a/c

(Being cash brought by new partner)  6,00,000  

3,20,000

2,80,000

2  Goodwill a/c _____ dr

        To asha capital a/c

        To aditi capital a/c

( Being goodwill amount distributed to old partners)

2,80,000  

1,40,000

1,40,000

3  Revaluation a/c _____dr

        To management cost a/c

(Being new liability generated)  60,000  

60,000

4  Revaluation a/c ___dr

          To over valued stock a/c

(Being over valued stock written off)  15,000  

15,000

Explanation:

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