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- Thank You !
- Welcome Alia and Varun to the firm.
- Cash A/C Dr. 1,90,000 To Alia's Capital A/c 1,00,000 To Varun's Capital A/C 50,000 To Premium for Goodwill A/c 20,000(Being capital brought by A and B and share of goodwill by A)
- Ranbir is coming for 1/10th share in future profits so he will bring Rs 20,000 as his share of goodwill
- The Goodwill of the firm is valued at Rs 2,00,000
- And Alia will bring Rs 40,000 for her 1/5th share in future profits
- I will be able to bring Rs 50,000 as my share of capital but will not be able to bring Rs 20,000 as my share of goodwill
- Alia's Capital A/c Dr. 40,000 Varun's Capital A/C Dr. 20,000 To Ranbir's Capital A/c 36,000 To Kiara's Capital A/c 24,000(Being Goodwill adjusted)
- I will bring Rs 20,000 in cash for my share of Goodwill and Rs 1,00,000 as my share of my capital
- Ok. I will tell the accountant to pass the necessary journal entries.
- Ok
- We will distribute the entire amount of goodwill brought in by A in our old profit sharing ratio.
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