Question 23 Chapter 5 of +2 Part-1 - USHA Publication 12 Class Part - 1

Question 23 Chapter 5 of +2-Part-1

23.(Goodwill partially withdrawn )A and B are partners in 3:2 ratio. They admitted C for 1/3 share. He brings Rs. 70,000 of which Rs. 40,000 in his capital and remaining amount in his goodwill. The old partners withdrew 50% of the share of goodwill. Record the transaction in Journal.

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Journal

Date	Particulars		L.F.	Debit	Credit
i)	Cash A/c	Dr.		70,000
	To C’s Capital A/c				40,000
	To Premium for Goodwill A/c				30,000
	(Being cash brought by D as capital and premium)
ii)	Premium for Goodwill A/c	Dr.		30,000
	To A’s Capital A/c				18,000
	To B’s Capital A/c				12,000
	(Being goodwill distributed among A and B in 3:2 sacrificing ratio)
iii)	A’s Capital A/c	Dr.		9,000
	B’s Capital A/c	Dr.		6,000
	To Cash A/c				15,000
	(Being 50% of goodwill withdrawn by old partner)

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