Question 33 Chapter 5 of Class 12 Part – 1 Usha Publication

Question 33 Chapter 5 of Class 12 Part – 1 Usha Publication

33. (Goodwill is brought in-kind) Manish and Satish are sharing profits in 4 : 3 ratio. Komal is admitted for 1/10th share. Komal gave stock Rs.30,000 valued at Rs. 25,000 for capital. But for the goodwill of his share of Rs. 10,000 his loan account carrying interest @12% p.a. was raised in the books. He, as per agreement paid his goodwill share after six months with interest. Pass journal entries.

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The video consists solution of question numbers from 33 to 35 Chapter no. 5 class 12 of Usha publication. To check the direct solution of question no. 33 from the flowing video by using time stamps of the video.

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The solution of Question 33 Chapter 5 of Class 12 Part – 1 Usha Publication: -

Journal

Date	Particulars		L.F.	Debit	Credit
i	Stock A/c	Dr.		25,000
	To Komal’s Capital A/c				25,000
	(Being Komal brings capital in stock )
ii	Komal’s loan A/c	Dr.		10,000
	To Premium A/c				10,000
	(Being premium due from Komal )
iii	Premium A/c	Dr.		10,000
	To Manish’s Capital A/c				5,714
	To Satish’s Capital A/c				4,286
	(Being goodwill credited to old partners in their sacrificing ratio i.e. 4 : 3)
After six months	Bank A/c	Dr.		10,600
	To Komal’s loan A/c				10,000
	To interest on loan A/c				600
	(Being loan received along with the interest for six months @ 12% p.a.)

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