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- 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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