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x y and z were partners sharing profits equally they decided in future z will get 1/5th share. Goodwill of the firm is valued at rupees 450000. Pass necessary journal entry for the adjustment of goodwill

Posted by Suman Chettri 6 years, 5 months ago

CBSE > Class 12 > Accountancy

3 answers

Preeti Sihag 6 years, 4 months ago

I had tried this questio again its ans..is 60,000 not 90,000 am sorry for giving wrong ans.... Now... Hw 60K comes...share between X:Y(1:1) Z's share (1/5) Remaining share 4/5 X`s share=1/2*4/5=4/10 Y`s share=1/2*4/5=4/10 New ratio...X:Y:Z(2/5:2/5:1/5) 2:2:1 Sacrifice ratio...X=1/3-4/15=5-6/15=-1/15 Same as Y(-1/15) Z sacrifices=1/3-1/5=5-3/15=2/15 Goodwill treatment=4,50,000*2/15=60,000 X's capital a/c Dr..30,000 Y's capital a/c Dr...30,000 To Z's capital a/c 60,000

Preeti Sihag 6 years, 4 months ago

Z's share in firm's goodwill=450000×1/5=90000 Old ratio=X:Y(1:1) Nothing is mentioned for sacrifice and gain or for way of getting share so old ratio is sacrificing ratio...i.e(1:1) Z's capital a/c dr..90000 Xcr...45000Ycr..45000

Sachin Yadav 6 years, 5 months ago

X'capital a/c Dr 90000 Y's capital a/c Dr 90000 To z's capital a/c 180000

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