DK Goel Solutions Q 35 Chapter 3 Admission of a Partner Class 12 CBSE [2023-24]

(A) A and B are partners, sharing profit and losses in the ratio of 3 : 2. Goodwill appears in their Balance Sheet at ₹ 24,000, when C is admitted into partnership for 1/5th share in profit. He pays ₹ 50,000 for capital and ₹ 8,000 as goodwill. The ratio of the partners A, B and C in the new firm would be 2 : 2 : 1.

Pass journal entries in the books of the new firm to record above adjustments.

(B) P and S are partners sharing profits in the ratio of 3 : 2. Their books showed goodwill at ₹ 20,000, R is admitted with 1/5th share which he acquires equally from P and S. R brings ₹ 20,000 as his capital and ₹ 10,000 as his share of goodwill. Profits at the end of the year were of the amount of ₹ 1,00,000. You are required to give journal entries to carry out the above arrangement.

(C) A and B carrying on business as partners used to share profits and losses thus; A 4/7ths and B 3/7ths, and goodwill appeared in the books of the firm at ₹ 2,80,000 when C was admitted as a partner having 1/7th share in profits and losses. C was asked to pay a premium of ₹ 75,000 for goodwill, and the profit-sharing ratio as between A and B remained unchanged.

Show entries in the journal of the firm.