InterviewSolution
| 1. |
Disha and Divya are partners in a firm sharing profits in the ratio of 3 : 2 respectively. The fixed capital of Disha is ₹ 4,80,000 and of Divya is ₹ 3,00,000. On 1st April, 2018 they admitted Hina as a new partner for 1/5th share in future profits. Hina brought ₹ 3,00,000 as her capital. Calculate value of goodwill of the firm and record necessary journal entries on Hina’s admission. |
|
Answer» Notes:- Biswa's share includes share of profit and interest on capitalShare of profit = 44,000Add;Interest on capital= 36,000Total = 80,000Guaranteed amount = 82,000The deficiency of 2000 is to be BORNE by Divya.PROFIT AND LOSS APPROPRIATION ACCOUNTParticulars Amount Particulars AmountTo Interest on capitalAnwar- 8,00,000*6%=48,000Biswas-6,00,000*6%=36,000Divya-4,00,000*6%=24,000 1,08,000 By NET profit 3,12,000To Partner's salary A/cBiswas-4000*12 = 48,000Divya-6000*4 = 24,000 72,000 To Profit TRANSFERRED toAnwar's capital A/c- 66000Biswa's capital A/c -44,000Add:-Divya's share 2000Divya = 22,000Less:deficiency cont =(2000) 1,26,000 Total 3,12,000 |
|