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- I will contribute Rs. 1,30,000 as capital and 1/4 of Rs. 80,000 i.e. Rs. 20,000 as premium for goodwill.
- I will contribute Rs. 1,50,000 as capital but wont be able to bring goodwill
- I will ask the accountant to update the books of accounts
- Geeta we both will be withdrawing half of the premium goodwill
- Ok, will start work
- Vignesh, please update the books of accounts due to admission of new partners.
- Ok since there's no information for calculating sacrificing ratio, I will consider old PSR.
- Bank A/C.............Dr. 3,00,000To Geeta's Capital A/C 1,30,000To Raj's Capital A/C 1,50,000To premium for goodwill A/C 20,000{Being capital share of capital bought in cash)
- First let me pass the entries for amount bought in cash by new partners
- Premium for goodwill A/C...... 20,000Raj's current A/C..... 20,000To Riya's Capital A/C 24,000To Jay's Capital A/C 16,00(Being premium for goodwill distributed to sacrificing partners)
- Now i will distribute goodwill bought by Geeta to sacrificing partners, Since Raj failed to bring goodwill it will be routed through his current A/C
- Riya's Capital A/C......Dr. 12,000Jay's Cpital A/C......Dr. 8,000To Bank A/C 20,000(Being withdrawn of premium money by sacrificing the partner halfly )
- The last transaction will be withdrawn by the sacrificing partners from their shares.
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