Home
Class 12
ACCOUNTS
(Premium brought in Kind). X and Y are...

(Premium brought in Kind).
X and Y are partners in a firm sharing profits in the ratio of 3 : 2. On 1st April, 2019, they admit Z as new partner for 3/13th share in the profits. New ratio will be 5 :5 :3. Z contributed the following assets to his capital and his share for goodwill: Stock RS 80, 000, Debtors RS 1,20,000, Land RS 2,00,000, Plant and Machinery RS 1,00,2000. On the date of admission of Z, goodwill of the firm was valued at RS 10,40,000, Pass necessary Journal entries in the books of the firm on Z's admission.

Text Solution

Verified by Experts


Working Note: 1. Z's share of Goodwill `=RS10,40,000xx3//13=RS 2,40,000`.
2. Calculation of Sacrificing Ratio:
Promotional Banner

Topper's Solved these Questions

  • Admission of a Partner

    TS GREWAL|Exercise ANSWERS TO QUESTIONS|7 Videos

  • Admission of a Partner

    TS GREWAL|Exercise QUESTIONS|10 Videos

  • ACCOUNTING RATIOS

    TS GREWAL|Exercise Exercise|147 Videos

  • CASH FLOW STATEMENT

    TS GREWAL|Exercise CASH FLOW FROM INVESTING ACTIVITES|1 Videos

Similar Questions

Explore conceptually related problems

X and Y are partners in a firm sharing profits in the ratio of 3 : 2. On 1st April, 2019, they admit Z as a partner for 1/4th share in the profits. Z contributed following assets towards his capital and for his share of goodwill: Stock RS.60,000, Debtors RS.80,000, Land RS.1,00,000, Plant and Machinery RS.40,000. On the date of admission of Z, the goodwill of the firm was valued at RS.6,00,000. Pass necessary Journal entries in the books of the firm on Z's admission.

X, Y and Z are partners sharing profits in the ratio of 2 : 2 : 1. W is admitted as a new partner for (1)/(6)th share. Z will retain his share. Calculate new profit-sharing ratio.

X and Y are partners in a firm sharing profits and losses in the ratio of 3 : 2. Z is admitted as partner with 1/4th share in profit. Z acquired his share from X and Y in the ratio of 2 : 1. Calculate new profit-sharing ratio.

X, Y and Z are partners sharing profits and losses in the ratio of 5 : 3 : 2. They admit A into partnership and give him 1/5th share of profits. Find the new profit-sharing ratio.

X and Y are partners in a firm sharing profits in the ratio of 5 : 3. They admitted Z as a new partner. The new profit sharing ratio will be 4 : 3 : 2. The firm's goodwill on Z's admission was valued at Rs.1,26,000. But Z could not bring any amount of goodwill in Cash. Credit will be given to :

(Premium for Goodwill withdrawn Partially). A and B were partners in a firm sharing profits in the ratio of 4 : 3. They admitted C as a new partner for 3/7th share in the profits of the firm. New profit-sharing ratio will be 2 : 2 : 3. C brought RS 2,00,000 as his capital and RS 60,000 for his share of premium for goodwill, half of which was withdrawn by A and B from the firm. Calculate sacrficing ratio and pass necessary Journal entries in the books of the firm for the above transactions.

(When Premium for Goodwill is paid privately). X and Y are partners in a firm sharing profits and losses in the ratio 3:2. They admit Z as partner for 1/4th share. Z paid RS 80,000 directly to X and Y as his share of goodwill. Pass the necessary Journal entry in the books of firm.

A and B are partners sharing profits in the ratio of 3 : 2. Their books show goodwill at RS.2,000. C is admitted as parter for 1/4th share of profits nad brings in RS.10,000 as his capital but is not able to bring in cash for his share of goodwill RS.3,000. Draft Journal entries.

TS GREWAL-Admission of a Partner-EXERCISE
  1. (Premium brought in Kind). X and Y are partners in a firm sharing pr...

    Text Solution

    |

  2. X, Y and Z are partners sharing profits and losses in the ratio of 5 :...

    Text Solution

    |

  3. Ravi and Mukesh are sharing profits in the ratio of 7 : 3. They admit...

    Text Solution

    |

  4. A and B are partners sharing and losses in the porportion of 7 : 5. Th...

    Text Solution

    |

  5. A, B and C were partners in a firm sharing profits in the ratio of 3 :...

    Text Solution

    |

  6. Bharati and Astha were partners sharing profits in the ratio of 3 : 2....

    Text Solution

    |

  7. X and Y are partners in a firm sharing profits and losses in the ratio...

    Text Solution

    |

  8. R and S are partners sharing profits in the ratio of 5 : 3. T joins th...

    Text Solution

    |

  9. Kabir and Farid are partners in a firm sharing profits and losses in t...

    Text Solution

    |

  10. Find New Profit-sharing Ratio: (i) R and T are partners in a firm sh...

    Text Solution

    |

  11. X and Y are partners sharing profits in the ratio of 3 : 2. They admit...

    Text Solution

    |

  12. Rakesh and Suresh are sharing profits in the ratio of 4 : 3. Zaheer jo...

    Text Solution

    |

  13. A and B are partners sharing profits in the ratio of 3 : 2. C is admi...

    Text Solution

    |

  14. A, B and C are partners sharing profits in the ratio of 4 : 3 : 2. D i...

    Text Solution

    |

  15. A, B, C and D are in partnership sharing profits and losses in the rat...

    Text Solution

    |

  16. X and Y are partners sharing profits and losses in the of 3 : 2. They ...

    Text Solution

    |

  17. A, B and C are partners sharing profits in the ratio of 2 : 2 : 1, D i...

    Text Solution

    |

  18. A and B are in partnership sharing profits and losses as 3 : 2. C is a...

    Text Solution

    |

  19. P and Q are partners sharing profits in the ratio of 3 : 2. They admit...

    Text Solution

    |

  20. A and B are partners sharing profits and losses in the ratio of 2 : 1....

    Text Solution

    |

  21. A and B are partners sharing profits and losses in the ratio of 2 : 5....

    Text Solution

    |