Question

Sun and Star were partners in a firm sharing profits in the ratio of 2:1. Moon was admitted as a new partner in the firm. New profit sharing ratio was 3:3:2. Moon brought the following assets towards his share of goodwill and his capital : Machinery Furniture Stock Cash If his capital is considered as (A) 5 70,000 (B) * 2,80,000 (C) = 4,50,000 (D) 31,40,000 2,00,000 1,20,000 80,000 50,000 3,80,000, the goodwill of the firm will be :​

Answer 1

Answer:

70,000

Explanation:

Question:-

• Sun and Star were partners in a firm sharing profits in the ratio of 2:1. Moon was admitted as a new partner in the firm. New profit sharing ratio was 3:3:2.
• Machinery ₹ 2,00,000
• Furniture ₹ 1,20,000
• Stock ₹ 80,000
• Cash ₹ 50,000
• Capital ₹ 3,80,000

Required:-

• The goodwill of the firm will be

Options-

• ₹ 70,000

• ₹ 2,80,000

• ₹ 4,50,000

• ₹ 31,40,000

Solution:-

The total assets brought by Moon is = Rs.4,50,000 (After adding all the assets amount)

[2,00,000 + 1,20,000 + 80,000 + 50,000]

The total capital brought in by Moon is = Rs.3,80,000

After subtracting the total assets brought in by Moon from the total capital brought in by Moon, we can obtain goodwill amount,

                     = Rs.4,50,000-Rs.3,80,000

   Goodwill = Rs70,000

Answer:-

Option (A) 70,000

Adjustment entry:-

Machinery  a/c dr  ₹ 2,00,000

Furniture  ac dr  ₹ 1,20,000

Stock a/c dr   ₹ 80,000

Cash a/c dr   ₹ 50,000

   To capital a/c  cr 3,80,000

   To Premium for

       goodwill a/c cr 70,000

   

Answer 2

Answer:

70000×4=280000

Explanation:

HOPE IT HELPS .. by SUWETHA S