问答题 X and Y were trading in partnership sharing profits and losses in the ratio of 1:1. They agreed to accept Z as a new partner. The new profit and loss sharing ratio among X, Y and Z would be 2:2:1. The capital account balances of X and Y were $100,000 (Cr) respectively. Z was to contribute $50,000 cash as his capital and also contribute $200,000 cash to the business as consideration for his share of the goodwill of the partnership.

问答题 Prepare a statement showing the sharing of the goodwill between the old partners and among the new partners. (5 marks)

问答题 Make journal entries for Z’s contributions assuming that no goodwill account is to be raised. (5 marks)