Question 27 Chapter 5 of Class 12 Part – 1 Usha Publication

Question 27 Chapter 5 of Class 12 Part – 1 Usha Publication

27. (New Partner doesn't bring G/W in Cash) X, Y and Z am partners in 5:3:2 ratio. A admitted for 1/10 share. He hrings capital Rs. 40,000 Goodwill is valued for the firm Rs. 30,000 New partner does not bring goodwill in cash New ratio, is 4:4:1:1. Pass the journal entries.

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The solution of Question 27 Chapter 5 of Class 12 Part – 1 Usha Publication: -

Journal

Date	Particulars		L.F.	Debit	Credit
i)	Cash A/c	Dr.		40,000
	To A’s Capital A/c				40,000
	(Being share of Capital brought in by A)
ii)	A’s Current A/c	Dr.		3,000
	To X’s Capital A/c				1,500
	To Z’s Capital A/c				1,500
	(Being A’s goodwill adjusted in sacrificing Ratio i.e. 1:1)
iii)	Y’s Capital A/c	Dr.		3,000
	To X’s Capital A/c				1,500
	To Z’s Capital A/c				1,500
	(Being Y’s Share goodwill adjusted in sacrificing Ratio i.e. 1:1)

Working Note

Sacrificing Ratio = Old share of old partners – New share

X’s sacrifice	=	5	-	4
		10		10
	=	1	Sacrifice
		10

Y’s sacrifice	=	3	-	4
		10		10
	=	1	Gain
		10

Z’s sacrifice	=	2	-	1
		10		10
	=	1	Sacrifice
		10

Goodwill to be brought by Y and A	=	30,0000	x	1
				10
	=	Rs 3,000 Each