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Question 13 Chapter 6 of +2-Part-1
13.( Goodwill does not Exists in Books) A, B and Care partners in a firm sharing profits and losses in the ratio of 3:2:1. C retires from the firm and A and B decide to continue the business of the firm and share profits and losses in the old ratio. Goodwill of the firm is valued at Rs. 12,000 What will be the entries in the books of the firm.
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| a) | A’s capital A/c | Dr. | 1,200 | ||
| B’s capital A/c | Dr. | 800 | |||
| To C’s capital A/c | 2,000 | ||||
| (Being goodwill debited to capital A/c of continuing partners in gaining ratio ) | |||||
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.
This guide covers "Question 13 Chapter 6 of +2 Part-1 - USHA Publication 12 Class Part - 1", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to USHA Publication +2 Part 1.
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