Freatment of Hidden Goodwill). Rurn and …
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Freatment of Hidden Goodwill). Rurn and Rahim are partners in a firm They share profits snd losses in the ratio of 3:2. Their Balance sheet as at 31 March, 2014 was Liabilities Rs. Assets Rs. Capital A/cs Cash at Bank 1,20,000 3,00,000 150.000 Ram 2,00,000 20.000 Debtors 1,80.000 Rahim Craditors Bills Payable Outstanding Rent 4,50.000 Less:prov.ForBD 1.50.000 Stock 80.000 Plant and Machinery 20.000 Prepaid Expenses 7,00,000 50,000 3.40,000 10,000 7,00,000 They admiticd Prabhu as a new pariner on I" April, 2014 on the following terms ) Prabhu will bring in Rs. 2,00,000 as capital and the necessary amount for goodwill. (ii) The new prolit-sharing ratio among Ram, Rahim and Prablu will be 5:3:2 (i) The amount of goodwill is to be based on Prabhu's share in profits and capital contributed by him. (iv) Stock to be depreciated by 10% Provision for Doubtful Debts is to be only Rs. 5,000. (v) (vi) Plant and Machinery Prepare Revaluation Account, Bank Account, Partners' Capital Accounts and the Balance Sheet of the New are to be depreciated by 5%.
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