Question 32 Chapter 5 of +2 Part-1 - USHA Publication 12 Class Part - 1

Question 32 Chapter 5 of +2-Part-1

32. (Goodwill is brought in-kind) P and Q are partners in a 3: 2 ratio. They agreed to admit R for 1/4th share. He paid Rs. 30,000 for capital, however for goodwill he gave stock Rs. 10,000 and furniture Rs. 5,000. Show entries in the journal.

The solution of Question 32 Chapter 5 of +2 Part-1: - 

Journal

Date	Particulars		L.F.	Debit	Credit
i)	Bank A/c	Dr.		30,000
	Stock A/c	Dr.		10,000
	Furniture A/c	Dr.		5,000
	To R’s Capital A/c				30,000
	To Premium for Goodwill A/c				15,000
	(Being assets brought in by R as his capital and premium)
ii)	Premium for Goodwill A/c	Dr.		15,000
	To P’s Capital A/c				9,000
	To Q’s Capital A/c				6,000
	(Being R’s share of goodwill distributed in sacrificing ratio 3:2)

Notes: Sacrificing ratio remains the same as the old ratio in observation of any specific information.

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Also, Check out the solved question of previous Chapters: -

Usha Publication - Accountancy PSEB (Class 12) - Volume I - Solution

• Chapter No. 1 - Accounting Not for Profit Organisations
• Chapter No. 2 - Partnership Accounts - I (Introduction)
• Chapter No. 3 - Partnership Accounts - II (Goodwill: Nature and Valuation)
• Chapter No. 4 - Partnership Accounts - III (Reconstitution of Partnership)
• Chapter No. 5 - Partnership Accounts - IV (Admission of A Partner)
• Chapter No. 6 - Partnership Accounts - V (Retirement and Death of A Partner)
• Chapter No. 7 - Partnership Accounts - VI (Dissolution of Partnership Firm)
• Chapter No. 8 - Company Accounts (Share Capital)
• Chapter No. 9 - Company Accounts (Issue of Debentures)
• Chapter No. 10 - Company Accounts (Redemption of Debentures)

Usha Publication - Accountancy PSEB (Class 12) - Volume II - Solution

• Chapter No. 1 - Financial Statements of a Company
• Chapter No. 2 - Financial Statement Analysis
• Chapter No. 3 –  Tools of Financial Statement Analysis- Comparative and Common Size
• Chapter No. 4 - Ratio Analysis
• Chapter No. 5 - Cash Flow Statement

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