Question 22 Chapter 6 of Class 12 Part – 1 Usha Publication

Question 22 Chapter 6 of Class 12 Part – 1 Usha Publication

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.

The solution of Question 22 Chapter 6 of Class 12 Part – 1 Usha Publication: -

We are providing a solution of Question 22 Chapter 6 of Class 12 Part – 1 Usha Publication in two formats. one is in Video format and another is in article format. Check out both formats as follows:

1. Check out the Solution of this question in Video Format:-

The video consists solution of questions number 18 to 23 Chapter no. 6 class 12 of Usha publication. To check the direct solution of question no. 22 from the flowing video by using time stamps of the video.

?si=ZhjI3Drd5oLvXHrJ

2. Check out the Solution of this question in Article Format:-

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 gaining 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 Goodwill 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
	Gupta’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 )