Question

Lisa, Monika and Nisha were partners sharing profits in the ratio of 4 : 3 : 1. Monika died on 30th April, 2025. On Monika’s death, the goodwill of the firm is valued at 60,000. Monika’s share is taken up by Lisa and Nisha equally. Determine the missing values in the following Journal entry:

JOURNAL
Date	Particulars	L.F.	Dr. (₹)	Cr. (₹)
2025 April 30	Lisa’s Capital A/c   ...Dr.		?
	Nisha’s Capital A/c   ....Dr.		?
	To Monika’s Capital A/c			?
	(Monika’s share of goodwill adjusted)

Answer 1

JOURNAL
Date	Particulars	L.F.	Dr. (₹)	Cr. (₹)
2025 April 30	Lisa’s Capital A/c   ...Dr.		11,250
	Nisha’s Capital A/c   ....Dr.		11,250
	To Monika’s Capital A/c			22,500
	(Monika’s share of goodwill adjusted)

Monika’s share of goodwill of = `(₹ 60,000 × 3/8)` = 22,500 is to be adjusted between Lisa and Nisha in their gaining ratio, i.e., 1 : 1.