Question

Ques. 6:-X and Y share profits and losses in the ratio of 5:3. Z is admitted for 3/10 share of profits half of which was
gifted by X and the remaining share taken by Z equally from X and Y. The goodwill of the firm is valued a 3.200. Z
brings in his requisite share of firm's goodwill. The profit for the first year of ses partnership amounts to 48,000. Pass the
necessary journal entries to adjust goodwill and to distribute profits.
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Answer 1

Explanation:

Z is admitted for 1/6th share of profit

Z's contribution of Rs. 4500 consists of 1/6 share of goodwill only

Thereforfe, total goodwill of firm should be Rs. 4500 * (6/1) = 27000

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