On the admission of Rao, goodwill of Murty and Shah is valued at RS.30,000. Rao is to get 1/4th share of profits. Previously Murty and Shah sharing profits in the ratio of 3 : 2. Rao is unable to bring amount of goodwill. Given Journal entries in the books of Murty and Shah when: (a) there is no Goodwill Account and (b) Goodwill appears in the books at RS.10,000,

A and B are partners in a firm sharing profits and losses in the proportion of 3/4th and 1/4th respectively. On 1st April, 2019, they take C into partnership for 1/5th share of profits. C acquires his share from A and B in the ratio of 2 : 1. Value of goodwill is determined at RS 24,000. At present, C is not in a position to bring amount towaerds goodwill. Give necessary Journal entries under the following alternative cases: Case 1. When the Goodwill Account appeare at RS 10,000 in the books of the firm. Case 2. When Goodwill Account is not appearing in the books of the firm.

Keshav, Nirmal and Pankaj are partners sharing profits and losses in the ratio of 4:3:2 . Nirmal retires and the goodwill is valued at Rs. 72,000. Keshav and Pankaj decided to share future profits and losses in the ratio of 5:3. Record necessary journal entries (a) when goodwill is raised at its full value and written off immediately (b) when goodwill is not to appear in firms books at all.

(When New or Incoming Partner brings a Part of his Share of Goodwill). X and Y are partners sharing profits and losses in the ratio of 3 : 2. They agree to admit Z as a partner for 1/5th share. Z acquires his share from X and Y in the ratio of 2 : 3. Goodwill of the firm is valued at RS 50,000. Z brings in only 60% of his share of goodwill and RS 2,00,000 as his capital through cheque. Pass necessary Journal entries under each of the following alternative cases: Case 1. When goodwill does not appear in the books. Case 2. When goodwill appears in the books at RS 20,000.

A, B and C partners sharing profits in the ratio of 4:3:2 decided to share profits equally. Goodwill of the firm is valued at Rs 10,800. In adjusting entry for goodwill: