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Question 41 Chapter 5 - Unimax Class 12 Part 1 - 2021
41. X and Y are partners in a firm sharing profits and losses in 3 : 2. They admit Z as a new partner for 1/5th share. This share is contributed by them in the ratio of 2 : 3. The goodwill of the firm has been valued at Rs. 50000. Z brings in the necessary amount in cash as his share of goodwill and Rs. 30000 as his capital. Pass necessary journal entries assuming that the capitals are fixed under each of the following alternatives :
Case 1 : When amount of goodwill is retained in the firm.
Case 2 : When amount of goodwill is withdrawn by the concerned partners to the extent of 50% of what is credited to them.
Journal
| Date | Particulars | L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Cash a/c | Dr. | 40,000 | |||
| To Premium a/c | 10,000 | ||||
| To Z’s Capital a/c | 30,000 | ||||
| (Being goodwill and capital brought in cash by new partner) | |||||
| Premium a/c | Dr. | 10,000 | |||
| To X’s Current a/c | 4,000 | ||||
| To Y’s Current a/c | 6,000 | ||||
| (Being goodwill credited to old partners capital A/c in sacrificing ratio) | |||||
| (Cash I) No entry | 3,750 | ||||
| (Cash II) | |||||
| X’s Current A/c | Dr. | 2000 | |||
| Y’s Current A/c | Dr. | 3000 | |||
| To Cash a/c | 5000 | ||||
| (Being 50% of goodwill withdrawn by old partners) |
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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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