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Question 27 Chapter 5 - Unimax Class 12 Part 1 - 2021
27. Aditi and Charvi are partners sharing profits and losses in 3 : 2. Nidhi is admitted for 1/5th share in profit. Goodwill of the firm is valued at Rs. 175000. Nidhi paid Rs. 20000 out of her share of goodwill and Rs. 75000 as her capital. Pass necessary journal entries.
Journal
| Date | Particulars | L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Cash a/c | Dr. | 95000 | |||
| To Nidhi’s Capital a/c | 75000 | ||||
| To Premium a/c | 20000 | ||||
| (Being Capital and goodwill brought in cash by new partner) | |||||
| Premium a/c | Dr. | 20000 | |||
| Nidhi’s Capital a/c | 15000 | ||||
| To Aditi’s Capital a/c | 21000 | ||||
| To Charvi’s Capital a/c | 14000 | ||||
| (Being compensation paid transferred to old partner’s capital a/c in sacrificing ratio) |
Working Note
Nidhi’s share of goodwill = 175000 X 1/5 = Rs. 35000
Sacificing ratio = Old Ratio of partners = 3 : 2
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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.
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