Question

Deepu and Sonu are partners sharing profits in the ration of 2:1 with capital of ₹ 3,00,000

and ₹ 2,00,000 respectively. They admit Atul into partnership who brings in 1,00,000 as capital
and ₹ 24,000 for 1/4th share of goodwill.
Pass necessary Journal entries for treatment of Goodwill on Atul’s admission by raising and
writing off goodwill. Also prepare Partner’s Capital Accounts.

Answer 1

Deepu and Sonu are partners sharing profits in the ration of 2:1 with capital of ₹ 3,00,000

and ₹ 2,00,000 respectively. They admit Atul into partnership who brings in 1,00,000 as capital

and ₹ 24,000 for 1/4th share of goodwill.