Question

Ramesh and Rakesh are partners sharing Profit and losses in
the ratio of 4:1. They agreed to admit Suresh into the partnership
on Ist April, 2016 for 1/3rd share in profits. They decided to
share future profits equally. Suresh brings Rs. 5,00000 as his
capital and his share of premium of goodwill in cash. The profits
of the firm before his admission were
2013-14 Rs. 1,30,000 (Including in aonúninai yain or Rs. 30, 000
and normal gain of Rs. 16,000)-
2014-15 Rs. 1,40.000 (after charging an abnormal loss of Rs.
20,000 and normal loss of Rs. 12, 000)
2015-16 rs. 150000(éxcluding Rs. 24,000 insurance premium for firm's
property started this year)
The remuneration of each partner is estimated to be Rs. 25,000
ра.
The Average capital employed in the business is Rs. 6,00,000
and the normal rate of return in this class 'of business is 10%
Find Hit the value of goodwill on the basis of two years purchase
of super profits and give necessary journal entries​

Answer 1

Explanation:

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