Question 12 Chapter 6 of +2-Part-1
12. (Journal) M, N and O were partners sharing in 3: 2: 1. On the retirement of N. M and O decided to share equally in future. Goodwill valued at Rs. 60,000. Journalise.
| M’s gain | = | 1 | - | 3 |
| 2 | 6 | |||
| = | Nil |
| O’s gain | = | 1 | - | 1 |
| 2 | 6 | |||
| = | 2 | |||
| 6 |
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| a) | O’s capital A/c ( ₹ 6,00,000 x 2/6) | Dr. | 20,000 | ||
| To N’s capital A/c | 20,000 | ||||
| (Being goodwill adjusted ) | |||||
Comment if you have any questions.
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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