Apama, Manisha and Sonia are partners sharing profits in the ratio of 3 : 2 : 1. Manisha retires and goodwill of the firm is valued at ₹ 1,80,000. Apama and Sonia decided to share future in the ratio of 3:2. Pass necessary journal entries.
Solution:-
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Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
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1. |
Apama’s Capital a/c |
Dr. |
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18,000 |
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Sonia’s Capital a/c |
Dr. |
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42,000 |
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To Manisha’s Capital a/c |
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60,000 |
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(Being required adjustment for goodwill made through partners' capital accounts in gaining ratio i.e. 3:7) |
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Working Notes:
1. Calculation of Gaining Ratio
Gaining Ratio = New Ratio - Old Ratio
Apama = 3/5-3/6 = 3/30
Sonia = 2/5-1/6 = 7/30
Therefore, Gaining Ratio = 3/30 : 7/30 = 3:7
2. Goodwill of the firm = Rs. 1,80,000
Manisha's share of goodwill = 180000*2 / 6
= Rs. 60,000
3. Aparna’s share in goodwill = 60,000×3/10 = 18000
Sonia’s share in goodwill = 60,000×7/10 = 42000