Question

Sumit and Puneet are partners in a firm sharing profits in the
ratio of 3 : 2 respectively. The fixed capital of Sumit is Rs. 2,40,000
and Puneet is Rs. 1,50,000. On 1.4.2012, they admitted Kashish as a
new partner for 1/5th
share in future profits. Kashish brought Rs.
1,50,000 as her capital. Calculate value of goodwill of the firm and
record necessary journal entries on Kashish’s admission​

Answer 1

Answer:

goodwill = 150000×5/1=750000