Solution
Anil and Sunil are partners in a firm with fixed capitals of Rs. 3,20,000 and Rs. 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 Rs. 3,20,000 as her share of capital. Calculate value of goodwill and record necessary Journal entries.