# Question 04 Chapter 4 of +2 Part-1 – USHA Publication 12 Class Part – 1

Q-4 - CH-4 - Usha +2 Book 2018 - Solution

Question 04 Chapter 4 of +2-Part-1

4. (Goodwill doesn’t exist) X, Y and Z are partners sharing profits in 5:3:2 ratio. From 1st January 2016, they decide to share profits and losses in 2:5:3 ratio. The partnership deed provides that in the event of any change in profit sharing ratio, the goodwill is valued at Rs.54,000. Give the necessary single adjusting entry to record the above transaction.

## The solution of Question 04 Chapter 4 of +2 Part-1: –

Day - 61 | Solution of Questions Reconstitution of firm Chapter No. 4 | Accounts class 12 | PSEB |

 Old Ratio of X, Y, & Z = 5 : 3: 2 New Ratio of X, Y, & Z = 2: 5 : 3

Calculate the Sacrificing or Gaining Ratio of Partners
Sacrificing or Gaining Ratio = Old Ratio – New Ratio

 X’s Sacrificing/Gaining Share = 5 – 2 10 10
 = 5 – 2 10
 = 3 (Sacrifice) 10

 Y’s Sacrificing/Gaining Share = 3 – 5 10 10

 = 3 – 5 10
 = -2 (Gain) 10

 Z’s Sacrificing/Gaining Share = 2 – 3 10 10
 = 2 – 3 10
 = -1 (Gain) 10

 Journal Date Particulars L.F. Debit Credit 2016 Jan 1 Y’s Capital A/c (54,000 X 2/10) Dr. 10,800 Z’s Capital A/c (54,000 X 1/10) Dr. 5,400 To X’s Capital A/c 16,200 (Being amount of goodwill adjusted as the change in profit sharing ratio)

Comment if you have any questions.

End of Solution

## Check Out the Solution of all questions of this chapter:

The solution to all questions of Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.

Question 06 Chapter 4 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 12 Chapter 4 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 18 Chapter 4 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 24 Chapter 4 of USHA Publication 12 Class Part – 1

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## Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum

Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.

Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)

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)

## Check out Part 2 of both books.

In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 2, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 2 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.

1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication

2. Advanced Accountancy Part 2 Class 12 by Unimax Publication