19 :- Gold and Silver are partners sharing profits and losses in the ratio of 2:5. They admit Copper on the condition that he will bring Rs 14,000 as his share of goodwill to be distributed between Gold and Silver. Copper’s share in the future profits and losses will be 1/4th. What will be the new profit-sharing ratio and what amount of goodwill brought in by Copper will be received by Gold and Silver?
20 :- Vimal and Nirmal are partners in a firm sharing profits and losses in the ratio of 3:2. A new partner Kailash is admitted. Vimal gives 1/5th of his share and Nirmal gives 2/5th of his share in favour of Kailash. For the purpose of Kailash’s admission, goodwill of the firm is valued at Rs 75,000 and Kailash brings his share of goodwill in cash which is retained in the business.
Journalise the above transactions.
21 :- Pass journal entries to record the following arrangements in the books of the firm:
(a) B and C are partners sharing profits in the ratio of 3:2. D is admitted paying a premium (goodwill) of Rs 20,000 for 1/4th share of the profits, shares of B and C remain as before.
(b) B and C are partners sharing profits in the ratio of 3:2. D is admitted paying a premium of Rs 21,000 for 1/4th share of profits which he acquires 1/6th from B and 1/12th from C.
22 :- B and C are in partnership sharing profits and losses as 3:1. They admit D as a partner in the firm, D pays premium of Rs 15,000 for 1/3rd share of the profits. As between themselves, B and C agree to share future profits and losses equally.
Draft journal entries showing appropriations of the premium money.
23 :- Geeta and Meeta are partners in a firm sharing profits in the ratio of 3;2. They admit Anita as a new partner. The new profit sharing ratio between Geeta, Meeta and Anita will be 5:3:2. Anita brought in Rs 25,000 for her share of premium for goodwill. Pass necessary journal entries for the treatment of goodwill.