Question

On the above date Mchan is admitted as a partner. Arun surrendered 1/6 of his
share and Eimal 1/3 of his share in favour of Mohan Goodwille valued at Rs.
1 20,000. Mohan bring only h of his share of goodwill in cash and Rs 1,00,000
as he share of capital. Following adjustments are agreed upon
1.) stock is to be reduced to Rs. 56,000 and furniture by R$ 5,000

2.) There is an unrecorded asset worth Rs 20,000
3) One months rent of Rs 15,000 is outstanding
4.)A creditor for goods purchased for Rs. 10,000 had been omitted to be
recorded although the goods had been correctly induded in stock
5.) insurance premium amounting to Rs. 5,000 was debited to P&L Account, of
which 2,000 is related to the period after 31" March 2020

You are required to prepare Revaluation Account. partner's capital Accounts​

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

Explanation:

I give you answer now it is your duty to mark me as a brianliest please follow me