X and Y are partners in a company with a capital of ₹1,80,000 and ₹2,00,000. Z was admitted for 1/3rd share in profits and brings ₹3,40,000 as capital. Calculate the amount of goodwill.
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- X and Y are partners having Capitals of $80,000 and $20,000 respectively and a profit sharing ratio of 4 : 1. Z is admitted for 1/5 th share in the profits of the firm and he pays $30,000 as Capital. Find out the value of the Goodwill.Ramesh, Mahesh and Suresh were partners in a firm sharing profits in the ratio of 3 : 3 : 2. Their respective fixed capitals were : Ramesh Rs. 5,00,000; Mahesh Rs. 4,00,000 and Suresh Rs. 3,00,000. They admitted Govind as a new partner for 1/5th share in the profits. Govind brought Rs. 4,00,000 as his capital and the necessary amount for goodwill premium. Their new profit sharing ratio will be 2 : 1 : 1 : 1. Calculate the value of goodwill of the firm, showing your workings clearly. Pass necessary journal entries for the above transactions on Govind’s admission.AQUA and PLANT with capital balances of P100,000 and P82,000,respectively. They share profits and losses in the ratio of 3:2, respectively. The partners decided to liquidate the partnership. The firm’s liabilities amount to P150,000, including P16,000 owing to DDS and P14,000 to DU. After realization of assets, the cash on hand amounted to P155,000. How much was the loss on realization?
- Ruggles, Stanton and Tracy are partners, having capitals of P321,742, P419,078, and P276,350, respectively. They share earnings as follows: Ruggles, 35%; Stanton, 45%; and Tracy, 20% They sell their assets for a lumpsum of P1,400,000, which increases the firm's cash to P1,500,000 of the gain made. P240,000 was on a patent which had been developed principally by Tracy, and it was agreed that he should have half of such gain before the remaining gain was divided among the three partners. How much Tracy recovered from the partnership liquidation?okuto and Kuroo formed a partnership and agreed to divide initial capital equally, even though Bokuto contributed P100,000 and Kuroo gave P86,000 in identifiable assets. Under the bonus approach to adjust capital accounts, Kuroo’s capital account should be credited for * a. 86,000 b. 100,000 c. 84,000 d. 93,000Mr. Ali and Mr. Sahil are partners sharing profit in the ratio of 3: 2. They agree to admit Mr. Zaheer for 1/5 share in future profit. Mr. Zaheer brings OMR 2,50,000 as capital and enables to bring his share of goodwill in cash, the goodwill of the firm to be valued at OMR 1,80,000. At the time of admission, goodwill existed in the books of the firm at Rs.80,000. What is the journal entry if Mr. Zaheer brought his share of capital in the business?
- Karasuma and Irina are partners who have capitals of P6,000 and P4,800 and who share profits in the ratio of 3:2. Koro is admitted as a partner upon investing cash of P5,000, with profits to be shared equally. Required: Assume that Koro is allowed a 25% interest in the firm. What entries would be made in recording the investment if the asset revaluation method is used? What entries would be made if the bonus method is used? Which method will be preferred by Koro? How much will Koro gain by the use of this method?A, B, and C are partners in ABC Company with capital balances of P500,000, P300,000, and P200,000 respectively, sharing profits and losses in the ratio of 50%, 30%, and 20% respectively. D is admitted as a new partner bringing with him expertise and is to invest cash for 20% interest in the partnership which includes a credit of P100,000 bonus to him due to his special expertise upon his admission. How much cash should D contributeOn July 1, 2021, X, Y and Z formed a partnership with X as an industrial partner, Y and Z contributed cash of P80,000 and P120,000 respectively. They agree to divide profits in the ratio of 2:53 to X Y and Z respectively. If operations for the year 2021 resulted to a loss of P140,000 How much is the share of Z?⚫
- Arun, Boby and Chintu are partners in a firm sharing profit in the ratio or2:2:1. According to the terms of the partnership agreement, Chintu has to get a minimum of Rs. 60,000, irrespective of the profits of the firm. Any Deficiency to Chintu on Account of such guarantee shall be borne by Arun. Prepare the profit and loss appropriation account showing distribution of profits amongpartners in case the profits for year 2015 are: (i) Rs. 2,50,000; (ii) 3,60,000.On January 1, FRED and GEMMO formed a partnership by contributing cash of P300,000 and P360,000 , respectively . On August 1, Fred contributed an additional cash of P45,000 . On June 1 , Gemmo contributed machinery with a fair market value of P60,000 and a net book value of P90,000 when contributed . On July 1, Fred and Gemmo each withdrew 30,000 . 1. What is the average capital of Fred ? 2. What is the average capital of Gemmo?A, B, and C are capitalist partners and D, an industrial partner. the partnership reported net loss of P250,000. How much is the share of D in the reported loss?