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

Question 01 Chapter 7 of +2-Part-1

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

• Chapter No. 1 – Accounting Not for Profit Organisations
• Chapter No. 2 – Partnership Accounts – I (Introduction)
• Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
• Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
• Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
• Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
• Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
• Chapter No. 8 – Company Accounts (Share Capital)
• Chapter No. 9 – Company Accounts (Issue of Debentures)
• Chapter No. 10 – Company Accounts (Redemption of Debentures)

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

• Chapter No. 1 – Financial Statements of a Company
• Chapter No. 2 – Financial Statement Analysis
• Chapter No. 3 –  Tools of Financial Statement Analysis- Comparative and Common Size
• Chapter No. 4 – Ratio Analysis
• Chapter No. 5 – Cash Flow Statement

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