Question 01 Chapter 7 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 01 Chapter 7 of +2- Part

Question 01 Chapter 7 of +2-Part-1

Free Accounting book Solution - Class 11 and Class 12

01.(goodwill does not appear in books ) A & B are partners . They decided top dissolve the business . There is no goodwill appearing in the books.
Pass Journal entries in the books of firm.
(a) If goodwill was sold for Rs. 50,000 cash.
(b) If goodwill was taken over by partner A at Rs. 30,000

The solution of Question 01 Chapter 7 of +2 Part-1: –

Journal
Date   Particulars
L.F. Debit Credit
a) Bank A/c Dr.   50,000  
  To realisation A/c       50,000
  (Being goodwill sold )        
           
b) A’s capital A/c Dr.   30,000  
  To realisation A/c       30,000
  (Being goodwill taken over by A )        
         

Comment if you have any questions.


Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 01 Chapter 7 of +2 Part-1 - USHA Publication 12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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