value of goodwill is 100000..and goodwill appears in the books 50000...new partner ram share is 1/4th ....what was amount of goodwill brought by ram
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value of goodwill is 100000..and goodwill appears in the books 50000...new partner ram share is 1/4th ....what was amount of goodwill brought by ram
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Answer:
1. Cash a/c... Dr. 15000
To Premium for goodwill a/c 15000
(Being 60% of premium for goodwill brought in by C)
2. Premium for goodwill a/c... Dr. 15000
C's Capital a/c.... Dr. 10000
To A's Capital a/c 16667
To B's Capital a/c 8333
(Being C's share of goodwill distributed among the partners in the sacrificing ratio)
Working Note:
Calculation of sacrificing ratio:
A's sacrifice= 1/6
B's sacrifice= 1/12
Ratio= 2:1
Goodwill of the firm= 100000
C's share= 1/4 * 100000
= 25000
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