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Question 29 Chapter 5 of +2 Part-1 - USHA Publication 12 Class Part - 1

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Question 29 Chapter 5 of +2-Part-1

29. (goodwill is partly paid privately and partly through books ) A and B are partners in 3:4 . Value of the firm’s goodwill is Rs. 56,000. C is admitted for 1/4th share . He brings capital Rs. 20,000. he paid Rs. Cash for goodwill privately and the balance of his share through the books of the firm . Pass the entries.

The solution of Question 29 Chapter 5 of +2 Part-1: -

Total goodwill = Rs. 56,000

C’s share	=	56,000	x	1
C’s share	=	56,000	x	4

	=	Rs 14,000

Journal

Date	Particulars		Debit	Credit

i)	Cash A/c	Dr.	31,000
	To Premium for Goodwill A/c			11,000
	To C’s Capital A/c			20,000
	(Being capital and Premium for Goodwill brought by C)

ii)	Premium for Goodwill A/c	Dr.	11,000
	To A’s Capital A/c			6,286
	To B’s Capital A/c			4,714
	(Being premium credited to old partners to capital a/c in their sacrificing ratio)