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Illustration of Admission of a new partner
XYZ have been trading as equal partners having capital contributions of £300,000, £250,000 and £200,000 respectively. They agreed to admit W who agrees to pay capital of £350 which is inclusive of his share of goodwill. The new profit sharing ration will not be X:Y:Z:W : 4:3:2:1. Goodwill has been agreed at £200,000.Required:Prepare the partners capital accounts to record admission of W and assuming that Goodwill is not to be retained in the accounts.
Capital account
X
Y
W
Z
Goodwill
80
160
40
20
Bal. b/d
300
250
200
-
Bal c/d
286.667
256.667
226.666
330
66.667
66.666
bank
350
366.667
316.667
266.666
226.667
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