Goodwill of a firm of A and B is valued at Rs. 30,000. Goodwill is appearing in the books at Rs. 12,000. C is admitted for `1//4th` share , amount that will bring for goodwill is

Srikant and Raman are partners in a firm sharing profits and losses in the ratio of 3:2. They decide to admit Venkat into partnership with 1/3 share in the profits. Venkat brings in Rs 30,000 as his capital. He also promises to bring in the necessary amount for his share of goodwill. On the date of admission, the goodwill has been valued at Rs 24,000 and the goodwill account already appears in the books at Rs 12,000. Venkat brings in the necessary amount for his share of goodwill and agrees that the existing goodwill account be written off. Record the necessary journal entries in the books of the firm.

Madan and Gopal are partners sharing profits in the ratio of 3 : 2. They admit sooraj for 1/3rd share in profits on 1st Apirl, 2019. They also decide to share future profits equally. Goodwill of the firm was valued at RS.5,50,000. Goodwill existed in the books of account at RS.1,00,000, which the partners decide to carry forward. (a) Goodwill is the to be raised and written off, and (b) Goodwill is to be raised and written off.

Ahuja and Barua are partners in a firm sharing profits and losses in the ratio of 3:2. They decide to admit Chaudhary into partnership for 1/5 share of profits, which he acquires equally from Ahuja and Barua. Goodwill is valued at Rs. 30,000. Chaudhary brings in Rs. 16,000 as his capital but is not in a position to bring any amount for goodwill. No goodwill account exists in books of the firm. Goodwill account is to be raised at full value. Record the necessary journal entries.

Aun and Bhagwan were partners in a firm sharing profits in the ratio 3 : 1. Goodwill appeared in the books at RS.4,40,000. Raja was admitted to the partnership. New profit-sharing ratio among Anu, Bhagwan and Raja was 2 : 2 : 1. Raja brought RS.1,00,000 for his capital and necessary cash for his goodwill premium. Goodwill of the firm was valued at RS.2,50,000. Record necessary Journal entries in the books of the firm for the above transactios.

Hanny, Pammy and Sunny are partners sharing profits in the ratio of 3 : 2 : 1 . Goodwill is appearing in the books at a value of Rs. 60,000. Pammy retires and at the time of Pammy's retirement, goodwill is valued at Rs. 84,000. Hanny and Sunny decided to share future profits in the ratio of 2:1 . Record the necessary journal entries.

Mohan Lal and Sohan Lal were partners in a firm sharing profits and losses in 3:2 ratio. They admitted Ram Lal for 1/4 share on 1.1.2013. It was agreed that goodwill of the firm will be valued at 3 years purchase of the average profits of last 4 years which were Rs. 50,000 for 2013, Rs. 60,000 for 2014, Rs. 90,000 for 2015 and Rs. 70,000 for 2016. Ram Lal did not bring his share of goodwill premium in cash. Record the necessary journal entries in the books of the firm on Ram Lal’s admission when: (a) Goodwill already appears in the books at Rs. 2,02,500. (b) Goodwill appears in the books at Rs. 2,500. (c) Goodwill appears in the books at Rs. 2,05,000.

A and B are partners sharing profits and losses in the ratio of 3 : 2. They admit C into partnership for 1/4th share, which he takes 1/6th from A and 1/12th from B. Goodwill appears in the books at 20,000. C brings RS 18,000 as goodwill out of his share of RS 30,000. It was decided that shortfall in amount shall be debited to C's Current Account. Pass necessary Journal entries for the above.