Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question 25 Chapter 5 - Unimax Class 12 Part 1 - 2021
25. A and B are partners sharing profits and losses in ratio 4 : 3. C is admitted as a new partner for 1/6th share, which he takes entirely from A. Goodwill of the firm is valued at Rs. 1,80,000. C brings his share of goodwill in cash. Pass necessary journal entries.
Journal
| Date | Particulars | L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Cash a/c | Dr. | 30000 | |||
| To Premium a/c | 30000 | ||||
| (Being share of goodwill brought in cash by new partner in cash) | |||||
| Premium a/c | Dr. | 30000 | |||
| To A’s Capital a/c | 30000 | ||||
| (Being goodwill brought in cash credited to sacrificing partners’ capital a/c) |
https://tutorstips.com/what-is-partnership/
T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
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 25 Chapter 5 - Unimax Class 12 Part 1 - 2021", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Textbook Solution.
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.
You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Question 25 Chapter 5 - Unimax Class 12 Part 1 - 2021" instantly.