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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Aman, Bimal and Deepak are partners sharing profits in the ratio of 2 : 3 : 5. Goodwill of the firm has been valued at ₹37,500. Aman retired; Bimal and Deepak decide to share profits equally in future. Calculate the gain/sacrifice of Bimal and Deepak and pass the necessary Journal entry for goodwill. (CBSE 2019)
Gain / (Sacrifice): Bimal = 1/2 – 3/10 = 2/10 (Gain); Deepak = 1/2 – 5/10 = Nil. Aman’s share = ₹37,500 × 2/10 = ₹7,500, borne entirely by Bimal.
JOURNAL
| Date | Particulars | L.F. | Dr. (₹) | Cr. (₹) |
|---|---|---|---|---|
| Bimal’s Capital A/c Dr. | 7,500 | |||
| To Aman’s Capital A/c | 7,500 | |||
| (Aman’s share of goodwill borne by Bimal, the only gaining partner) |
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.
This guide covers "T.S. Grewal Class 12 Chapter 5 Q.16 - Retirement of a Partner", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter 5 - Retirement of a Partner.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
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