Question

X and Y are partners and sharing profits in the ratio of 3:2. they take z as the new partner and it is supposed the he would bring 60,000 against capital and 20,000 against goodwill. new partner profit sharing ratio is 1:1:1. Z is able to bring only 60,000. how this will be treated in the book of the firm ?​

Answer 1

X and Y are partners and sharing profits in the ratio of 3:2. they take z as the new partner and it is supposed

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Answer 2

Answer:

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Explanation:

. Stock a/c.... Dr. 60000

Debtors a/c... Dr. 80000

Land a/c.... Dr. 100000

Plant and machinery a/c... Dr. 40000

To Z's Capital a/c 130000

To Premium for goodwill a/c 150000

(Being capital and premium for goodwill brought in by C in the form of assets)

2. Premium for Goodwill a/c.... Dr. 150000

To X's Capital a/c 90000

To Y's Capital a/c 60000

(Being premium for goodwill distributed among partners in the ratio of 3:2)

Working Note:

1. Calculation of Z's share of goodwill:

Z's share of Goodwill= 600000 * 1/4= 150000

Z's share of capital = 280000 - 150000 = 130000

2. Distribution of premium for goodwill:

X's share= 3/5 * 150000= 90000

Y's share= 2/5 * 150000= 60000