Mr. A commenced business with a capital of ₹ 2,50,000 on 1st April, 2013. During the five years ended 31st March, 2018, the following profits and losses were made:31st March, 2014−Loss ₹ 5,00031st March, 2015−Profit ₹ 13,00031st March, 2016−Profit ₹ 17,00031st March, 2017−Profit ₹ 20,00031st March, 2018−Profit ₹ 25,000During this period he had drawn ₹ 40,000 for his personal use. On 1st April, 2018, he admitted B into partnership on the following terms:B to bring for his half share in the business, capital equal to A's Capital on 31st March, 2018 and to pay for the one-half share of goodwill of the business, on the basis of three times the average profit of the last five years. Prepare the statement showing what amount B should invest to become a partner and pass entries to record the transactions relating to admission.

Mr. A commenced business with a capital of ₹ 2,50,000 on 1st April,

1.	Mr. A commenced business with a capital of ₹ 2,50,000 on 1st April, 2013. During the five years ended 31st March, 2018, the following profits and losses were made:31st March, 2014−Loss ₹ 5,00031st March, 2015−Profit ₹ 13,00031st March, 2016−Profit ₹ 17,00031st March, 2017−Profit ₹ 20,00031st March, 2018−Profit ₹ 25,000During this period he had drawn ₹ 40,000 for his personal use. On 1st April, 2018, he admitted B into partnership on the following terms:B to bring for his half share in the business, capital equal to A's Capital on 31st March, 2018 and to pay for the one-half share of goodwill of the business, on the basis of three times the average profit of the last five years. Prepare the statement showing what amount B should invest to become a partner and pass entries to record the transactions relating to admission.
Answer» Mr. A commenced business with a capital of ₹ 2,50,000 on 1st April, 2013. During the five years ended 31st March, 2018, the following profits and losses were made: 31st March, 2014−Loss ₹ 5,000 31st March, 2015−Profit ₹ 13,000 31st March, 2016−Profit ₹ 17,000 31st March, 2017−Profit ₹ 20,000 31st March, 2018−Profit ₹ 25,000 During this period he had drawn ₹ 40,000 for his personal use. On 1st April, 2018, he admitted B into partnership on the following terms: B to bring for his half share in the business, capital equal to A's Capital on 31st March, 2018 and to pay for the one-half share of goodwill of the business, on the basis of three times the average profit of the last five years. Prepare the statement showing what amount B should invest to become a partner and pass entries to record the transactions relating to admission.

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