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प्रश्न
Mohan and Sohan were partners in a firm sharing profits and losses in the ratio of 3 : 2. They admitted Ram for 1/4th share on 1st April, 2019. It was agreed that goodwill of the firm will be valued at 3 years' purchase of the average profit of last 4 years ended 31st March, were ₹ 50,000 for 2015-16, ₹ 60,000 for 2016-17, ₹ 90,000 for 2017-18 and ₹ 70,000 for 2018-19. Ram did not bring his share of goodwill premium in cash. Record the necessary Journal entries in the books of the firm on Ram's admission when:
(a) Goodwill appears in the books at ₹ 2,02,500.
(b) Goodwill appears in the books at ₹ 2,500.
(c) Goodwill appears in the books at ₹ 2,05,000.
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उत्तर
|
Journal |
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|
Date |
Particulars |
L.F. |
Debit Amount (₹) |
Credit Amount (₹) |
|
|
2019 |
Mohan’s Capital A/c |
|
|
|
|
|
|
Sohan’s Capital A/c |
Dr. |
81,000 |
|
|
|
|
To Goodwill A/c |
|
|
2,02,500 |
|
|
|
(Old goodwill written-off in old ratio) |
|
|
|
|
|
|
|
|
|
||
|
|
Ram’s Capital A/c |
Dr. |
50,625 |
|
|
|
|
To Mohan’s Capital A/c |
|
|
30,375 |
|
|
|
To Sohan’s Capital A/c |
|
|
20,250 |
|
|
|
(Premium not brought debited to Ram and credited to sacrificing partners) |
|
|
|
|
|
|
|
|
|
||
|
|
Mohan’s Capital A/c |
Dr. |
1,500 |
|
|
|
|
Sohan’s Capital A/c |
Dr. |
1,000 |
|
|
|
|
To Goodwill A/c |
|
|
2,500 |
|
|
|
(Old goodwill written-off in old ratio) |
|
|
|
|
|
|
|
|
|
||
|
|
Ram’s Capital A/c |
Dr. |
50,625 |
|
|
|
|
To Mohan’s Capital A/c |
|
|
30,375 |
|
|
|
To Sohan’s Capital A/c |
|
|
20,250 |
|
|
|
(Premium not brought debited to Ram and credited to sacrificing partners) |
|
|
|
|
|
|
|
|
|
||
|
|
Mohan’s Capital A/c |
Dr. |
1,23,000 |
|
|
|
|
Sohan’s Capital A/c |
Dr. |
82,000 |
|
|
|
|
To Goodwill A/c |
|
|
2,05,00 |
|
|
|
(Old goodwill written-off in old ratio) |
|
|
|
|
|
|
|
|
|
||
|
|
Ram’s Capital A/c |
Dr. |
50,625 |
|
|
|
|
To Mohan’s Capital A/c |
|
|
30,375 |
|
|
|
To Sohan’s Capital A/c |
|
|
20,250 |
|
|
|
(Premium not brought debited to Ram and credited to sacrificing partners) |
|
|
|
|
Working Notes:
WN1: Calculation of Goodwill
Note: Since no information is given about the share of sacrifice, it is assumed that the old partners are sacrificing in their old profit sharing ratio.
APPEARS IN
संबंधित प्रश्न
State any three circumstances other than (i) admission of a new partner; (ii) retirement of a partner and (iii) death of a partner, when need for valuation of goodwill of a firm may arise.
Hemant and Nishant were partners in the firm sharing profits in the ratio of 3:2. Their capitals were Rs 1,60,000 and Rs 1,00,000 respectively. They admitted Somesh on 1st April 2013 as a new partner for 1/5 share in the future profits. Somesh brought Rs 1,20,000 as his capital. Calculate the value of goodwill of the firm and record necessary journal entries for the above transactions on Somesh's admission.
For which share of Goodwill a partner is entitled at the time of his retirement?
State 'True' or 'False'
The goodwill brought in by the new partner is shared by all partners.
State ‘True’ or ‘False’:
If the goodwill account raised up, goodwill account is debited.
A and B are partners in a firm with capital of ₹ 60,000 and ₹ 1,20,000 respectively. They decide to admit C into the partnership for 1/4th share in the future profits. C is to bring in a sum of ₹ 70,000 as his capital. Calculate amount of goodwill.
Anu and Bhagwan were partners in a firm sharing profits in the ratio of 3 : 1. Goodwill appeared in the books at ₹ 4,40,000. Raja was admitted to the partnership. The new profit-sharing ratio among Anu, Bhagwan and Raja was 2 : 2 : 1. Raja brought ₹ 1,00,000 for his capital and necessary cash for his goodwill premium. Goodwill of the firm was valued at ₹ 2,50,000. Record necessary Journal entries in the books of the firm for the above transactions.
A and B are partners in a firm sharing profits and losses in the ratio of 3 : 2. They admit C into partnership for 1/5th share. C brings ₹ 30,000 as capital and ₹ 10,000 as goodwill. At the time of admission of C, goodwill appeared in the Balance Sheet of A and B at ₹ 3,000. New profit-sharing ratio of the partners will be 5 : 3 : 2. Pass necessary Journal entries.
When goodwill is withdrawn by the partner ________ account is credited.
Find the Odd one.
Why is a new partner admitted?
What is the super profit method of calculation of goodwill?
State the ratio in which the old partner’s Capital A/c will be credited for goodwill when the new partner does not bring his share of goodwill in cash?
Goodwill given in the old balance sheet will be:
____________ profit is excess of actual profits over normal profits.
When there is no Goodwill Account in the books and goodwill is raised, ____________ account will be debited.
When the new partner is admitted goodwill can be treated in how many ways?
Harry, Pammy and Sunny are partners sharing profits in the ratio of 3:2:1. Goodwill is appearing in the books at a value of Rs. 60, 000. What is the journal entry for the following case?
If goodwill is not brought in cash by the new partner, it should be debited to his ______ Account.
Excess value of Purchase Consideration over Net Assets at the time of purchase of business is credited to:
When the incoming partner brings his share of premium for goodwill in cash, it is adjusted by crediting to ______.
Govind, Hari and Pratap are partners. On the retirement of Govind, the goodwill already appears on the Balance Sheet at ₹24,000. The goodwill will be written off ______
When the value of goodwill is not specified at the time of admission of a partner is called ______.
Doremon, Shinchan and Nobita are partners sharing profits and losses in the ratio of 3 : 2 : 1. With effect from 1st April, 2022 they agree to share profits equally. For this purpose, goodwill is to be valued at two year’s purchase of the average profit of the last four years which were as follows:
| Year ending on 31st March, 2019 | ₹ 50,000 (Profit) |
| Year ending on 31st March, 2020 | ₹ 1,20,000 (Profit) |
| Year ending on 31st March, 2021 | ₹ 1,80,000 (Profit) |
| Year ending on 31st March, 2022 | ₹ 70,000 (Loss) |
On 1st April, 2021 a Motor Bike costing ₹ 50,000 was purchased and debited to travelling expenses account, on which depreciation is to be charged @ 20% p.a by Straight Line Method. The firm also paid an annual insurance premium of ₹ 20,000 which had already been charged to Profit and Loss Account for all the years.
Journalise the transaction along with the working notes.
Profit for 2015, 2016 & 2017 is ₹ 10,000, ₹ 15,000 & ₹ 25,000. Calculate average profit.
Complete the following Table:
| ? | = | `"Total Profit"/"Number of Years"` |
Find out super profit, if capital employed is ₹ 4,00,000, normal rate of return is 12% and average profit is ₹ 60,000.
______ means profit which is earned over and above the normal profit.
Choose the components required to calculate goodwill of a firm by capitalisation of average profits method.
P: The normal profits of a similar firm in the industry.
Q: The average profits of the firm.
R: The number of years purchase.
S: The actual capital employed in the business.
