Question

Bimla and Shanta are partners sharing profits in the ratio 3:2. They admit Rekha for 1/5th

share which she purchases from Bimla and Shanta in 2:3 ratio. Goodwill of the firm is valued

at Rs.120.000. Rekha contributes Rs.90,000 as Capital and is able to contribute 80% of her

share of Goodwill in cash. At the time of admission the Balance Sheet of the firm shows

Goodwill at 20% of its present value.

(i) Calculate the new profit sharing ratio and (ii) Complete journal entries on Rekha's

admission.

In the Books of Bimla, Shant and Rekha

Journal

Date Particulars L.F Dr.(Rs) Cr. (Rs)

….……. Dr.

Shanta’s capital A/C

Dr.

To……….

(Being existing goodwill written

off)

….………. Dr.

To Rekha’s Capital A/C

To……….

(Being cash contributed towards

capital and goodwill)

….…….. Dr.

….…….. Dr.

To………

To………

(Being premium for goodwill

adjusted in sacrificing ratio)

….…….

….…….

….……….

….………

….………

….………..

….…………

….…………



….…​

Answer 1

Answer:

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Answer 2

Explanation:

Vimla and shantabai professor in ratio between 3 ratio 2 they admit Rekha for 150 purchase from bimla and Santa 2 ratio 3 would will of the form was rupees 20000 Rekha contribute 90000 as is capital and able to contribute 80% of share of goodwill in cash at the time of admission the balance is show a Goodwill of 20%