Question 44 Chapter 5 of +2-A
Table of Contents
44. Vinay and Naman are partners sharing profits in the ratio of 4 : 1. Their
capitals were 90,000 and 70,000 respectively. They admitted Prateek for 1/3 share in the profits. Prateek brought 1,00,000 as his capital. Calculate the value of firm’s goodwill.
The solution of Question 44 Chapter 5 of +2-A: –
Total Capital of the firm on the Basis of Prateek’s Capital
Total Capital of the firm = Prateek’s Capital * Reciprocal of his share
| = | 1,00,000 | * | 3 | |
| 1 | ||||
| = | 3,00,000 |
Actual Capital of Firm = Capital of Old Partners + Incoming Partner’s Capital
| = | 90,000+ 70,000+ 1,00,000 | |
| = | 2,60,000 |
| Goodwill | = | Total Capital of the firm on basis of Cs Capital |
– Actual Capital of Firm |
| = | 3,00,0000 | -2,60,000 | |
| = | 40,000 |
T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)
- Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
- Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
- Chapter No. 3 – Goodwill: Nature and Valuation
- Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
- Chapter No. 5 – Admission of a Partner
- Chapter No. 6 – Retirement/Death of a Partner
- Chapter No. 7 – Dissolution of a Partnership Firm
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 8 – Company Accounts – Accounting for Share Capital
- Chapter No. 9 – Company Accounts – Issue of Debentures
- Chapter No. 10 – Redemption of Debentures
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
- Chapter No. 4 – Accounting Ratios
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
