Anil and Sunil are partners in a firm with fixed capitals of ₹ 3,20,000 and ₹ 2,40,000 respectively. They admitted Charu as a new partner for 1/4th share in the profits of the firm on 1st April, 2012. Charu brought ₹ 3,20,000 as her share of capital. Calculate value of goodwill and record necessary journal entries.

Anil and Sunil are partners in a firm with fixed capitals of ₹ 3,20,

1.	Anil and Sunil are partners in a firm with fixed capitals of ₹ 3,20,000 and ₹ 2,40,000 respectively. They admitted Charu as a new partner for 1/4th share in the profits of the firm on 1st April, 2012. Charu brought ₹ 3,20,000 as her share of capital. Calculate value of goodwill and record necessary journal entries.
Answer» n: Journal Particulars Debit Rs. CREDIT Rs. BANK A/c Dr. 3,20,000 To CHARU's Capital A/c 3,20,000 (Being capital brought in by Charu) Charu's Current A/c Dr. 1,00,000 To Anil's Capital A/c 50,000 To Sunil's Capital A/c 50,000 (Being Charu's share of goodwill adjusted through current accounts) Working Notes: Calculation of HIDDEN Goodwill Total capital of the firm on the basis of Charu's Capital = 3,20,000 x = 12,80,000 Less : Adjusted capitals of Old Partners + Incoming Partner's Capital = ∴ Charu' s share of Goodwill . 4, 00,000 x = 1,00,000

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