Question : Ram and Shyam are partners. Their profit-sharing ratio is 3: 2. Mohan joins the partnership for 1/4 th share in profits (of which he acquires 2/3 from Ram and 1/3 from Shyam). Mohan brings in Rs. 6,00,000 for capital and Rs.2,40,000 for goodwill. 1/4 of the amount of goodwill is withdrawn by old partners. At the time of goodwill is withdrawn partners capital account will be
Option 1: Ram debited by Rs.1,60,000, Shyam debited with Rs.80,000
Option 2: Ram debited with Rs.80,000 and Shyam debited with Rs.40,000
Option 3: Ram debited with Rs.40,000 and Shyam debited with Rs.20,000
Option 4: Ram credited with Rs.40,000 and Shyam credited with Rs.20,000
Correct Answer: Ram debited with Rs.40,000 and Shyam debited with Rs.20,000
Solution : Answer = Ram debited with Rs 40,000 and Shyam debited with Rs 20,000
JOURNAL
|
Date |
Particulars |
L.F. |
Dr. (Rs.) |
Cr. (Rs.) |
|
|
Bank A/c |
Dr. |
8,40,000 |
|||
|
To Mohan’s Capital A/c |
6,00,000 |
||||
|
To Premium for Goodwill A/c |
2,40,000 |
(The amount of capital and goodwill/premium brought in cash)
Premium for Goodwill A/c
Dr.
2,40,000
To Ram’s Capital A/c
1,60,000
To Shyam’s Capital A/c
80,000
(Goodwill/premium credited to old partners in their sacrifice ratio, i.e., 2:1)
Ram’s Capital A/c
Dr.
40,000
Shyam’s Capital A/c
Dr.
20,000
To Bank A/c
60,000
(One-fourth of the goodwill/premium withdrawn by old partners in cash)
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