Unknown Story

Welcome to the firm Rinky Pinky. Karan and I have mutually agreed to admit you in the firm as a new partners.
Rinky and Pinky,your share is 1/5
But in order to enjoy your rights, that are Share in assets and future profits,you have to contribute capital and goodwill
Firm's Goodwill is to be valued at thrice the average profit of past three years2019-2,50,0002020-2,80,0002021-2,20,000
I will Contribute 3,00,000 as capital and 1/5 of firms goodwill that is(7,50,000/5)=1,50,000
So, Firm's Goodwill will be(2,50,000+2,80,000+2,20,000)/3 x 3=7,50,000
I will bring 2,00,000 as captial but wont be able to bring goodwill in cash but I will bring stock of 1,50,000 as Premium For Goodwill
Prachi update the books of accounts as new partners are admitted
As No information pertaining sacrifice ratio is given I will assume Old psr as the sacrificing ratio
Stock A/c...................................Dr. 1,50,000Cash A/c....................................Dr. 5,50,000To Rinky's Captial A/c 3,00,000To Pinky's Captial A/c 2,00,000To Premium for goodwill A/c 3,00,000(Being amount of capital and goodwill bought in cash and in kind)
Premium for goodwill A/c.......Dr. 3,00,000To Ron's Captial A/c 2,00,000To Karan's Captial A/c 1,00,000(Being Premium for goodwill distributed in sacrificing partners)

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