[CBSE] Q 40 DK Goel Admission of a Partner Solutions Class 12 (2024-25)
The solution of Question number 40 of Admission of a Partner chapter 3 of DK Goel Class 12 CBSE (2024-25)
Q. 40. X and Y are partners sharing profits in the ratio of 3 : 2. Goodwill appears in their balance sheet at ₹ 60,000. Z is admitted as a partner for 1/4th share in the profits. The total goodwill of the firm is valued at ₹ 2,00,000.
Pass journal entries if:
- Z can not bring in cash his share of goodwill.
- Z brings in cash his share of goodwill.
Hint. In both cases, goodwill appearing in the balance sheet at ₹ 60,000 will be written off between old partners in old ratio.
Solution:-
Note:- In the absence of any further information the sacrificing ratio is always equal to the old ratio.
