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• Mohan, Naresh and Om in partnership sharing profits and losses in the ratio of 10: 4: 1. On 1st April, 2015 their capitals were Rs3,00,000; Rs1,50,000 and Rs50,000 respectively. On this date they admit Piyush as a new partner andnew profit-sharing ratio is agreed at 5: 4: 4:2. The following terms were also agreed upon:(1) Piyush will bring in Rs 40,000 as his capital.(II) He will also bring in his share of goodwill in cash. Goodwill is to be valued on the basis of capitalisation at 10%of the average profits of the last three years were:Year ended 31st March 2013Year ended 31st March 2014Year ended 31st March 2015Rs48,00075,00072,000(III) The new partner is entitled to an annual salary of Rs 7,500 in addition to his share of profit. Om personally guaranteed that Piyush's of profit shall not be less than R$30,000.Profits for the year ended 31 March 2016 amounted to Rs 2,10,000 before charging Piyush's salary. Prepare necessary entries at the time of admission of the new partner and show the distribution of profits for the year ended 31st March, 2016
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• The profit for the last five years of a partnership firm are as follows:Year 2014 - * 4.00.000 Year 2015 - 3,98,000 Year 2016 4.50,000 Year 2017 4.45,000 year 2018 - 5,00,000 Calculate goodwill of the form on the basis of 3 years purchase of 5 years' average profits.​
• A Partnership firm has earned average profits of Rs. 1,20,000 during the last few years and the normal rate of return in a similar business is 15%. Ascertain the value of goodwill by the capitalization of the average profits method, given that the value of net assets of the business is Rs.7,20,000​
• 6. The net profit of a firm for the year ended 31st March 2017, was 30,000, which has been duly [3] distributed amongst its three partners A, B and C in their agreed proportions of 3:1:1 respectively. It was discovered on 10th April, 2017 that the undermentioned transactions were not passed through the books of accounts of the firm for the year ended 31st March, 2017, which stood duly closed on that date:i. Interest on capital at 10% p.a. ii. Interest on drawings: A - 7350; B - 250; C - 150. ili. Salary of 5,000 to A and $7,500 to B. iv. Commission due to A on a special transaction, *3,000. The capital accounts of the partners on 1st April, 2016 were: A *25.000; B 720,000; C 715,000. You are required to suggest a journal entry to be passed on 10th April, 2017 which will not​
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