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Question 21 Chapter 5 of +2-Part-1
21.( NPS/Goodwill brought in cash )Bhushan, Gobin, and Rajan are partners in the 5:3:2 ratio. Sahil is admitted for 1/10 share which he acquires equally from Bhushan and Rajan. Sahil brings Rs. 50,000 including his share of goodwill of Rs. 10,000. Pass journal entries and calculate the new ratio.
We are providing a solution of Question 21 Chapter 5 of +2 Part-1 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 12 to 23 Chapter no. 5 class 12 of Usha publication. To check the direct solution of question no. 21 from the flowing video by using time stamps of the video.
Journal
| Date | Particulars |
L. F. | Debit | Credit | |
|---|---|---|---|---|---|
| i) | Bank A/c | Dr. | 50,000 | ||
| To Sahil’s Capital A/c | 40,000 | ||||
| To Premium for Goodwill A/c | 10,000 | ||||
| (Being capital and premium brought by Sahil ) | |||||
| ii) | Premium for Goodwill A/c | Dr. | 10,000 | ||
| To Bhushan’s Capital A/c | 5,000 | ||||
| To Rajan’s Capital A/c | 5,000 | ||||
| (Being goodwill distributed in sacrificing ratio) | |||||
Calculation of New Profit Sharing Ratio:
| Sahil’s share | = | 1 |
| 10 |
| Share acquires from Bhushan by Sahil | = | 1 | x | 1 |
| 10 | 2 | |||
| = | 1 | |||
| 20 |
| Share acquires from Rajan by Sahil | = | 1 | x | 1 |
| 10 | 2 | |||
| = | 1 | |||
| 20 |
Calculation of New share of Bhushan
| New Share of Bhushan | = | 5 | - | 1 |
| 10 | 20 | |||
| = | 10-1 | |||
| 20 | ||||
| = | 9 | |||
| 20 |
Calculation of New share of Rajan
| New Share of Rajan | = | 2 | - | 1 |
| 10 | 20 | |||
| = | 4-1 | |||
| 20 | ||||
| = | 3 | |||
| 20 |
Now, Calculate the New Profit share ratio for all partners by making the base equal :
| New Share of Bhushan | = | 9 | ||
| 20 | ||||
| New Share of Gobin | = | 3 | x | 2 |
| 10 | 2 | |||
| = | 6 | |||
| 20 | ||||
| New Share of Bhushan | = | 4 | ||
| 20 | ||||
| New Share of Gobin | = | 1 | x | 2 |
| 10 | 2 | |||
| = | 2 | |||
| 20 |
| New Shares | = | 9 |
: |
6 | : | 4 | : | 2 |
| 20 | 20 | 20 | 20 |
New Profit Sharing Ratio = 9:6:4:2
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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 21 Chapter 5 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.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
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