Question 24 Chapter 5 of Class 12 Part – 1 Usha Publication

Question 24 Chapter 5 of Class 12 Part – 1 Usha Publication

24.(Goodwill partially withdrawn )Behari and Punjabi are partners in ratio 2:3 . Haryanvi is admitted for 1/3 share . He brings cash Rs. 50,000 for capital and goodwill . Total good will is Rs. 30,000. Behari and Punjabi as per agreement withdrew 20% of goodwill amount and balance was transferred to their loan account carrying 10% interest. Pass journal entries.

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Journal

Date	Particulars		L.F.	Debit	Credit
i)	Cash A/c	Dr.		50,000
	To Haryanvi’s Capital A/c				40,000
	To Premium for Goodwill A/c				10,000
	(Being cash for Capital and premium brought by new partner. )
ii)	Premium for Goodwill A/c	Dr.		10,000
	To Behari’s Capital A/c				4,000
	To Punjabi’s Capital A/c				6,000
	(Being goodwill distributed among sacrificed partner in their sacrificing ratio i.e. 3:2 )
iii)	Behari’s Capital A/c	Dr.		800
	Punjabi’s Capital A/c	Dr.		1,200
	To Cash A/c				2,000
	(Being goodwill 20% withdrawn by Partner)
iv)	Behari’s Capital A/c	Dr.		3,200
	Punjabi’s Capital A/c	Dr.		4,800
	To Behari’s loan A/c				3,200
	To Punjabi’s loan A/c				4,800
	(Being 80% of goodwill credited to loan A/c )