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Question 1 Chapter 7 of Class 12 Part – 1 2024
01.(goodwill does not appear in books ) A & B are partners . They decided top dissolve the business . There is no goodwill appearing in the books.
Pass Journal entries in the books of firm.
(a) If goodwill was sold for Rs. 50,000 cash.
(b) If goodwill was taken over by partner A at Rs. 30,000
We are providing a solution of Question 1 Chapter 7 of Class 12 Part – 1 2024 in two formats. one is in Video format and another is in article format. Check out both formats as follows:
The video consists solution of question numbers from 1 to 5 Chapter no. 7 class 12 of Usha publication. To check the direct solution of question no. 1 from the flowing video by using time stamps of the video.
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| a) | Bank A/c | Dr. | 50,000 | ||
| To realisation A/c | 50,000 | ||||
| (Being goodwill sold ) | |||||
| b) | A’s capital A/c | Dr. | 30,000 | ||
| To realisation A/c | 30,000 | ||||
| (Being goodwill taken over by A ) | |||||
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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