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Question 22 Chapter 6 of +2-Part-1
22. (Different Cases of Goodwill) (a) Singh, Khan and Gupta are partners sharing profits and losses in the ratio of 5 : 3 : 2 Singh retires. Goodwill of the entire firm was valued at Rs. 40,000. Pass necessary journal entries regarding goodwill
(b) With the help of above facts pass necessary entries in the following cases :
(i) Goodwill already appears in books at Rs. 40,000.
(ii) Goodwill already appears in books at Rs. 20,000.
(iii) Goodwill already appears in books at Rs. 60,000.
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| a) | Khan’s capital A/c | Dr. | 12,000 | ||
| Gupta’s capital A/c | Dr. | 8,000 | |||
| To Singh’s capital A/c | 20,000 | ||||
| (Being goodwill adjusted by debiting continuing partners in new ratio 3:2. ) | |||||
| b)(i) | Singh’s capital A/c | Dr. | 20,000 | ||
| Khan’s capital A/c | Dr. | 12,000 | |||
| Gupta’s capital A/c | Dr. | 8,000 | |||
| To A’s capital A/c | 40,000 | ||||
| (Being goodwill written off ) | |||||
| Khan’s capital A/c | Dr. | 12,000 | |||
| Gupta’s capital A/c | Dr. | 8,000 | |||
| To Singh’s capital A/c | 20,000 | ||||
| (Being goodwill adjusted on retirement ) | |||||
| (ii) | Singh’s capital A/c | Dr. | 10,000 | ||
| Khan’s capital A/c | Dr. | 6,000 | |||
| Singh’s capital A/c | Dr. | 4,000 | |||
| To Goodwill A/c | 20,000 | ||||
| (Being goodwill written off ) | |||||
| Khan’s capital A/c | Dr. | 12,000 | |||
| Gupta’s capital A/c | Dr. | 8,000 | |||
| To Singh’s capital A/c | 20,000 | ||||
| (Being goodwill adjusted on retirement ) | |||||
| (iii) | Singh’s capital A/c | Dr. | 30,000 | ||
| Khan’s capital A/c | Dr. | 18,000 | |||
| Gupta’s capital A/c | Dr. | 12,000 | |||
| To Goodwill A/c | 60,000 | ||||
| (Being goodwill written off ) | |||||
| Khan’s capital A/c | Dr. | 12,000 | |||
| Gupta’s capital A/c | Dr. | 8,000 | |||
| To Singh’s capital A/c | 20,000 | ||||
| (Being goodwill adjusted on retirement ) | |||||
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 22 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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