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Anil Sunil and Sanjay have omitted interest on capital for 2 years and 31st March 2016 their fixed capital in 2 years Anil 800000 and Sunil 7lakh and Sanjay 3 lakh rate of interest on capital is 10% per annum their profit sharing ratio will in the first year 4 ratio 3 ratio 2 and II ratio 3 ratio 2 ratio 1 give necessary adjustment entry at the beginning of next year |
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Answer» c.... Dr. 320000 To Charu's Capital a/c 320000(Being capital BROUGHT in by Charu)2. Charu's Current a/c........ Dr. 100000 To Anil's Capital a/c 50000 To Sunil's Capital a/c 50000(Being Charu's SHARE of goodwill ADJUSTED through the current accounts)Working Note:CALCULATION of Hidden Goodwill:Total Capital of the firm after admission= 320000+240000+320000 = 880000Total Capital of the firm based on Charu's capital= 320000 * 4/1 = 1280000Therefore, Hidden Goodwill= 1280000- 880000 = 400000Charu's share of goodwill= 400000 * 1/4= 100000 |
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