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fudamentals of accounting

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 June 2011 A and B are partners sharing profits and in the ratio 3:2. they take C as a new partner who is supposed to bring Rs. 25000 against capital and Rs. 10000 against goodwill. New profit sharing ratio is 1:1:1.C is able to bring only his share of capital. How this will be treated in the books of the firm?

(a) A and B will share the goodwill brought by C as 4000:1000.
(b) Goodwill not brought will be adjusted to the extent of Rs. 30,000 in old profit sharing ratio.
(c) Both.
(d) None.
(PLEASE explain in detail.)
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CA Harish Suwalka

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CA Harish Suwalka (Expert)
22 June 2011 A they will share the goodwill in 4:1 (sec ratio),
goodwill will be adjusted from cap a/c of C

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