24 :- A and B are in partnership sharing profits and losses in the ratio of 5:3. C is admitted as a partner who pays Rs 40,000 as capital and the necessary amount of goodwill which is valued at Rs 60,000 for the firm. His share of profits will be 1/5th which he takes 1/10th from A and 1/10th from B.
Pass journal entries and also calculate future profit sharing ratio of the partners.
25 :- Adil and Bhavya are partners sharing profits and losses in the ratio of 7:5. They admit Kamal, their Manager, into partnership who is to get 1/6th share in the business. Kamal brings Rs 1,00,000 for his capital and Rs 36,000 for the 1/6th share of goodwill which he acquires 1/24th from Adil and 1/8th from Bhavya. Profits for the first year of the new partnership was Rs 2,40,000.
Pass necessary journal entries for Kamal’s admission and appropriation the profits between the partners.
26 :- Aayush and Aarushi are partners sharing profits and losses in the ratio of 3:2. They admitted Naveen into partnership for 1/4th share. Goodwill of the firm was to be valued at three years purchase of super profits. Average net profit of the firm was Rs 20,000. Capital investment in the business was Rs 50,000 and normal rate of return was 10%.
Calculate the amount of goodwill premium brought by Naveen.
27 :- A and B are partners in a firm sharing profits and losses in the ratio of 3 : 2. They admit C into partnership for 1/5th share. C brings Rs 30,000 as capital and Rs 10,000 as goodwill. At the time of admission of C, goodwill appeared in the Balance Sheet of A and B at Rs 3,000. New Profit sharing ratio of the partners will be 5 : 3 : 2.
Pass necessary Journal entries.
28 :- X and Y are partners sharing profits in the ratio of 5:3. Z is admitted as a partner for 3/10th share of profit, half of which was gifted by X and remaining share was taken by Z equally from X and Y. The goodwill of the firm is valued at Rs 54,000. Z brings in his requisite share of firm’s goodwill. The profit for the first year of new partnership amounts to Rs 60,000.
Pass the necessary journal entries to adjust goodwill and to distribute profits.
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