Following is the Balance Sheet as at 1st April, 2023 of Sushil and Satish who are in partnership sharing profits and losses in the ratio of 5 : 2.
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Seerat and Manbir are partners in a firm sharing profits and losses in the ratio of 3 : 2. A new partner Anya is admitted. Seerat surrenders 1/5th of her share and Manbir 2/5th of his share in favour of Anya. For the purpose of Anya’s admission, goodwill of the firm is valued at ₹ 75,000 and Anya brings her share of goodwill in cash which is retained in the firm’s books. Journalise the above transactions.
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Divya and Neha are partners in a firm sharing profits and losses in the ratio of 3 : 2. They admit Angad into partnership for 1/5th share, Angad brings ₹ 30,000 as capital and ₹ 10,000 as goodwill. At the time of admission of Angad, goodwill exists in the Balance Sheet at ₹ 3,000. New Profit sharing ratio of the partners shall be 5 : 3 : 2. Pass the necessary entries.
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Rita and Nita are partners sharing profits and losses in the ratio of 2 : 5. They admit, Madhuri on the condition that she will bring ₹ 14,000 as her share of goodwill in cash. Madhuri’s share in future profits or losses will be 1/4th. What will be new profit sharing ratio and what amount of goodwill brought by Madhuri will be received by Rita and Nita?
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Bharat and Bhushan are partners in a firm sharing profits in the ratio of 2 : 1. On 1st April, 2023, their capitals are ₹ 2,00,000 and ₹ 1,00,000 respectively. On that date, they admitted Smriti as a partner for 1/5th share in profits. New profit sharing ratio of Bharat, Bhushan and Smriti will be 3 : 1 : 1. Smriti brought ₹ 80,000 as her capital and ₹ 30,000 as her share of premium for goodwill. Pass Journal entries and prepare Capital Accounts of all the Partners.
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Emmie and Florence are partners sharing profits and losses in the ratio of 4 : 1. Glen is admitted as a partner for which he pays ₹ 10,000 as premium for goodwill and in future Emmie, Florence and Glen decide to share profits and losses in the ratio of 2 : 1 : 1 respectively. Pass necessary Journal entries in the books of the firm.
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Veena and Soma are partners in a firm. They admit Sara on 1st April, 2022 for 1/4th share in the profits of the firm. On an average, the profits earned by Veena and Soma are ₹ 21,000. The average capital employed by the firm is ₹ 1,50,000. The normal rate of return in the industry is 10%. It is decided to value goodwill on the basis of four year’s purchase of profits in excess of profits @ 10% on the money invested. You are required to: i) Calculate the goodwill of the firm. ii) Pass the Journal entries in the books of the firm if Sara brings into the firm her share of goodwill in cash.
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Piyush and Deepika are partners in a firm sharing profits and losses in the ratio of 3 : 2. They admit Seema as a partner for 1/5th share. Seema takes her share from Piyush and Deepika in the ratio of 2 : 3. Goodwill of the firm has been valued at ₹ 50,000. Seema paid ₹ 10,000 privately to Piyush and Deepika as her share of goodwill. What will be the Journal entry in the books of the firm?
Solution:- No Entry is passed for Privately paid premium for goodwill
Pawan and Ajitesh are partners sharing profits in the ratio of 3 : 2. They admit Ridhima, a new partner who acquires 1/5th of her share from Pawan and 4/25th share from Ajitesh. Calculate New Profit sharing Ratio and Sacrificing Ratio.
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Gaurav and Anshul are partners sharing profits and losses in the ratio of 4 : 1. They admit Chhaya into partnership and decide that the profit sharing ratio between Anshul and Chhaya shall be same as between Gaurav and Anshul. Calculate new profit sharing ratio and the sacrificing ratio.
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