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from | reconstitution of a partnership firm –retirement/death of a partner Class

Zigya Join As

Working Notes:
WN(1): Calculation of Vaibhav’s Share of Goodwill

Vaibhav's Share of Goodwill = Firm's Goodwill His Profit Share

24,000 will be borne by gaining partners in gaining ratio.
Since, nothing is specified; it is assumed that continuing partners gain in their old profit sharing ratio of 2:2

WN2: Calculation of Share of Debit balance in P&L A/c

WN3: Calculation of Share in Profit (earned during the year)

WN 4: Calculation of Amount transferred to Vaibhav's Executor A/c
Amount due to Vaibhav = Capital + Credit Items - Debit Items
=3,80,000 + 24,000 - 10,000 + 11,250=4,05,250

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Working Notes:
WN(1): Calculation of Vaibhav’s Share of Goodwill

Vaibhav's Share of Goodwill = Firm's Goodwill His Profit Share

24,000 will be borne by gaining partners in gaining ratio.
Since, nothing is specified; it is assumed that continuing partners gain in their old profit sharing ratio of 2:2

WN2: Calculation of Share of Debit balance in P&L A/c

WN3: Calculation of Share in Profit (earned during the year)

WN 4: Calculation of Amount transferred to Vaibhav's Executor A/c
Amount due to Vaibhav = Capital + Credit Items - Debit Items
=3,80,000 + 24,000 - 10,000 + 11,250=4,05,250

Working Notes:
WN(1): Calculation of Vaibhav’s Share of Goodwill

Vaibhav's Share of Goodwill = Firm's Goodwill His Profit Share

24,000 will be borne by gaining partners in gaining ratio.
Since, nothing is specified; it is assumed that continuing partners gain in their old profit sharing ratio of 2:2

WN2: Calculation of Share of Debit balance in P&L A/c

WN3: Calculation of Share in Profit (earned during the year)

WN 4: Calculation of Amount transferred to Vaibhav's Executor A/c
Amount due to Vaibhav = Capital + Credit Items - Debit Items
=3,80,000 + 24,000 - 10,000 + 11,250=4,05,250

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