Question

Q 1 Vijay and Sanjay are partners in a firm sharing profits and losses in the ratio of 3:2. They admitted Ajay
into partnership with 1/4 share in profits. Ajay brings in Rs. 30,000 for capital and the requisite amount of
premium in cash. The goodwill of the firm is valued at Rs. 20,000. The new profit sharing ratio is 2:1:1. Vijay
and Sanjay withdraw their share of goodwill. Give necessary journal entries.
2​

Answer 1

Explanation:

1.Cash A/c dr. 30,000

To Partners capital acc. 30,000

2.goodwill acc Dr. 20,000

to vijay 10,000

to sanjay 5000

to ajay 5000

Answer 2

Answer:

Explanation:

the time of admission of a new partner good will brought in new partner is distributed among old partner in their old ratio

good will brought in by new partner =total good will of firm *c's share of profit

good will be brought in by new partner=RS 9600*(1/4)= RS. 2400

good will brought by c on his admission is distributed among a and b in their old ratio i.e. 3:2

amount with drawn by-

A = RS 2400 *(3/5)= 1440

B = Rs 2400*(2/5)=960

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