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XandY are in partnership sharing proft …

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XandY are in partnership sharing proft and losses in the ratio 2:1 on 01/04/2018.Z comes as a partner for 1/4 share in the firm's profits. Z contributes 50,000 as capital and 18,000 as goodwill . journalize the above transactions when (a) Goodwill amount is paid privately.(b) Goodwill is retained in the business (c) Goodwill is withdrawn and also shows the calulation of new profit-sharing ratio of the partners. SOMEBODY Provide me full solution with format?????

Posted by Kartik Kalal 5 years, 8 months ago

CBSE > Class 12 > Accountancy

3 answers

Samira . 7 years, 2 months ago

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Samira . 7 years, 2 months ago

Journal entries for various cases 1) bank account to Z's capital account with the amount of 50000. No entry of goodwill will be passed in this case . 2) bank a/c 68000 to Z's capital a/c 50000, premium for goodwill account 18000 ,,,,,,, premium for goodwill a/c to X' s capital a/c (12000) , Y' s capital a/c (6000). In third case both entries will remain same but one more entry will be added in this i.e. X' s capital ac (12000) , Y's capital ac (6000) to bank ac credit 18000.

Samira . 7 years, 2 months ago

Calculation of new profiy sharing ratio = 1-1/4 =3/4 now this part will be divided between both partners in there old ratio i.e. 2/3* 3/4= 6/12 X' s share , 1/3 *3/4=3/12. So new profit sharing ratio is 6:3:3 .

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