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Question 34 Chapter 5 - Unimax Class 12 Part 1 - 2021
34. A, B and C were in partnership sharing profits equally. On 31st December, 2020 their capital accounts were as follows : A Rs. 15000 ; B Rs. 10000 ; C Rs. 5000. On 1st January, 2021 D was admitted as a new partner for 1/4th share. He agreed to bring Rs. 4000 as capital and Rs. 3000 for goodwill. Each of the partners was to leave half of his share of goodwill in business and withdrew the other half. Pass necessary journal entries and prepare Capital A/cs.
| Date | Particulars | L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Cash a/c | Dr. | 7,000 | |||
| To D’s Capital a/c | 4,000 | ||||
| To Premium a/c | 3,000 | ||||
| (Being goodwill and capital brought in cash by new partner) | |||||
| Premium a/c | Dr. | 3,000 | |||
| To A’s Capital a/c | 1,000 | ||||
| To B’s Capital a/c | 1,000 | ||||
| To C’s Capital a/c | 1,000 | ||||
| (Being goodwill credited in old partners’ capital a/c in their sacrificing ratio) | |||||
| A’s Capital a/c | Dr. | 500 | |||
| B’s Capital a/c | Dr. | 500 | |||
| C’s Capital a/c | Dr. | 500 | |||
| To Cash a/c | 1,500 | ||||
| (Being half of goodwill withdrawn by each partner) |
Partners’ Capital Accounts
| Particulars | A | B | C | D | Particulars | A | B | C | D |
|---|---|---|---|---|---|---|---|---|---|
| To Cash A/c | 500 | 500 | 500 | - | By Balance b/d | 15,000 | 10000 | 5000 | - |
| To Balance c/d | 15,500 | 10,500 | 5,500 | 4000 | By Cash A/c | - | - | - | 4,000 |
| By Premium A/c | 1,000 | 1,000 | 1,000 | - | |||||
| 16,000 | 11,000 | 6,000 | 4,000 | 16,000 | 11,000 | 6,000 | 4,000 |
Working Note :
If nothing has been mentioned in partnership deed then partners will sacrifice in their profit sharing ratio i.e. 1 : 1 : 1.
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T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)
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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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