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Question 21 Chapter 6 of +2-Part-1
21. (Hidden goodwill) X, Y and Z are partners in 2 : 3 :5 ratio. Z retires. His capital was Rs. 80,000 and profit from revaluation Rs. 60,000. However, continuing partners agreed to pay firm Rs. 1,90,000. Record necessary entry for goodwill.
| Calculation of hidden goodwill | = | Value of the firm – Amount payable |
| = | Rs. [1,90,000- (80,000-60,000)] | |
| = | Rs. 50,000 | |
| Hidden goodwill | = | Rs 50,000 |
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| a) | X’s capital A/c | Dr. | 10,000 | ||
| Y’s capital A/c | Dr. | 15,000 | |||
| To Z’s capital A/c | 25,000 | ||||
| (Being goodwill adjusted through capital a/cs in gaining ratio i.e. 2 : 3) | |||||
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 21 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.
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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2 July 2021
2 July 2021
