Anil and Sunil are partners in a firm with fixed capitals of ₹ 3,20,000 and ₹ 2,40,000 respectively. They admitted Charu as a new partner for 1/4th share in the profits of the firm on 1st April, 2012. Charu brought ₹ 3,20,000 as her share of capital.
Calculate value of goodwill and record necessary Journal entries.

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Solution

Journal

Date

Particulars

L.F.

Debit

Amount

Rs

Credit Amount

Rs

Bank A/c

Dr.

3,20,000

To Charu’s Capital A/c

3,20,000

(Capital brought in by Charu)

Charu’s Current A/c

Dr.

1,00,000

To Anil’s Current A/c

50,000

To Sunil’s Current A/c

50,000

(Charu’s share of goodwill adjusted through current accounts)

Working Notes: Calculation of Hidden Goodwill

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Date	Particulars		L.F.	Debit Amount Rs	Credit Amount Rs
	Bank A/c	Dr.		3,20,000
	To Charu’s Capital A/c				3,20,000
	(Capital brought in by Charu)

	Charu’s Current A/c	Dr.		1,00,000
	To Anil’s Current A/c				50,000
	To Sunil’s Current A/c				50,000
	(Charu’s share of goodwill adjusted through current accounts)