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प्रश्न
Following is the Balance Sheet of X and Y who share profits and losses in the ratio of 3 : 2 as at 31st March, 2024:
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
| Sundry Creditors | 80,000 | Cash at Bank | 20,000 | ||
| Reserve | 1,00,000 | Debtors | 70,000 | ||
| Profit & Loss Account | 40,000 | Stock | 1,80,000 | ||
| Capital Accounts: | 4,30,000 | Machinery | 3,50,000 | ||
| X | 2,70,000 | Goodwill | 30,000 | ||
| Y | 1,60,000 | ||||
| 6,50,000 | 6,50,000 |
On 1st April 2020, Z is admitted as a new partner. X surrenders `1/3`rd of his share and Y surrenders `1/4`th of his share in favour of Z. Z brings in ₹ 3,60,000 for his share of Capital. Pass journal entries for recording goodwill.
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उत्तर
| Date | Particulars | L.F. | Debit (₹) | Credit (₹) |
| X’s Capital A/c ...Dr. | 18,000 | |||
| Y’s Capital A/c ...Dr. | 12,000 | |||
| To Goodwill A/c | 30,000 | |||
| (Goodwill written off) | ||||
| Reserve A/c ...Dr. | 1,00,000 | |||
| Profit & Loss A/c ...Dr. | 40,000 | |||
| To X’s Capital A/c | 84,000 | |||
| To Y’s Capital A/c | 56,000 | |||
| (Reserves and profits distributed) | ||||
| Cash at Bank A/c ....Dr. | 3,60,000 | |||
| Cash at Bank A/c | 3,60,000 | |||
| (Capital brought in by Z) | ||||
| Z’s Current A/c ...Dr. | 90,000 | |||
| To X’s Capital A/c | 60,000 | |||
| To Y’s Capital A/c | 30,000 | |||
| (Z’s share of goodwill credited to sacrificing partners) |
Working Note:
Write off Existing Goodwill:
X’s share = `30,000 xx 3/5`
= 18,000
Y’s share = `30,000 xx 2/5`
= 12,000
To distribute Reserve and Profit & Loss Account:
Total amount to be distributed = Reserve + Profit & Loss Account
= 1,00,000 + 40,000
= ₹ 1,40,000
X’s share = `1,40,000 xx 3/5`
= 84,000
Y’s share = `1,40,000 xx 2/5`
= 56,000
Calculate New Profit Sharing Ratio:
Shares Surrendered by X and Y:
X surrenders = `1/3 xx 3/5`
= `3/15`
= `1/5`
Y surrenders = `1/4 xx 2/5`
= `2/20`
= `1/10`
Z’s share = `1/5 + 1/10`
= `(1 xx 2)/(5 xx 2) + 1/10`
= `2/10 + 1/10`
= `3/10`
Now, Remaining Share:
X = `3/5 - 1/5`
= `2/5`
= `(2 xx 2)/(5 xx2)`
= `4/10`
Y = `2/5 - 1/10`
= `(2 xx 2)/(5 xx 2) - 1/10`
= `4/10 - 1/10`
= `3/10`
Z = `3/10`
New Ratio of A, B, and C = `4/10 : 3/10 : 3/10` or 4 : 3 : 3
Calculate Sacrificing Ratio:
Sacrificing Ratio = Old Share – New Share
X = `3/5 - 2/5`
= `1/5`
Y = `2/5 - 3/10`
= `(2 xx 2)/(5 xx 2) - 3/10`
= `4/10 - 3/10`
= `1/10`
Convert to the same denominator:
X = `1/5`
= `(1 xx 2)/(5 xx 2)`
= `2/10`
Sacrificing Ratio of X and Y = `2/10 : 1/10` or 2 : 1
Calculate Hidden Goodwill:
Total Actual Capital = 3,36,000 + 2,04,000 + 3,60,000
= 9,00,000
Z brings ₹ 3,60,000 as capital for `3/10` share.
Total Capital of Firm = `3,60,000 xx 10/3`
= 12,00,000
Hidden Goodwill = Implied Value – Total Actual Capital
= 12,00,000 – 9,00,000
= 3,00,000
Z’s share of hidden goodwill = `3,00,000 xx 3/10`
= 90,000
Distribution to sacrificing partners:
X’s share = `90,000 xx 2/3`
= 60,000
Y’s share = `90,000 xx 1/3`
= 30,000
