Emeka and Fatima are partners with capital balances of ₦5,000,000 and ₦3,000,000 respectively. They admit Garba as a new partner who pays ₦2,500,000 for a one-quarter share in the partnership. The total agreed value of the partnership (including Garba's contribution) implies a goodwill of ₦500,000. Using the goodwill method, what amount of goodwill is credited to Emeka's capital account, assuming profits were previously shared equally?

Garba pays ₦2,500,000 for a one-quarter share, implying total partnership value = ₦2,500,000 × 4 = ₦10,000,000. Net assets before admission = ₦5,000,000 + ₦3,000,000 + ₦2,500,000 = ₦10,500,000, so implied goodwill = ₦10,000,000 − ₦10,500,000 is negative; however using the given goodwill of ₦500,000, this is shared between existing partners in their old profit-sharing ratio of 1:1 (equal). Emeka's share = ½ × ₦500,000 = ₦250,000, which is credited to his capital account.