Question 34 Chapter 5 of +2 Part-1 - USHA Publication 12 Class Part - 1

Question 34 Chapter 5 of +2-Part-1

34. (Goodwill is brought in kind) X, Y and Z were doing business in 3:2:1 ratio. A was admitted for 1/6th share which was given to him by X and Y equally. A gave stock Rs. 30,000; Debtors Rs. 10,000; Computer Rs. 20,000 on account of his capital and goodwill. Total value of goodwill was Rs. 48,000. Pass Journal entries.

We are providing a solution of Question 34 Chapter 5 of +2 Part-1 in two formats. one is in Video format and another is in article format. Check out both formats as follows:

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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. 34 from the flowing video by using time stamps of the video.

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The solution of Question 34 Chapter 5 of +2 Part-1: - 

Journal

Date	Particulars		L.F.	Debit	Credit
i)	Stock A/c	Dr.		30,000
	Debtors A/c	Dr.		10,000
	Office equipment A/c	Dr.		20,000
	To A’s Capital A/c				52,000
	To Premium A/c				8,000
	(Being assets brought in by A as capital and goodwill )
ii)	Premium A/c	Dr.		8,000
	To X’s Capital A/c				4,000
	To Y’s Capital A/c				4,000
	(Being Premium for goodwill distributed for sacrificing partners in sacrificing ratio i.e. 1:1)

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