Question 05 Chapter 4 of +2-Part-1
5. (Goodwill exist in the balance sheet) P, Q and R are partners in 4:3:3 ratio. The new ratio is 1:2:2. Goodwill already in the books Rs.75,000 and at the time of change in ratio it is valued at Rs.1,05,000. Pass entries in journal:
The solution of Question 05 Chapter 4 of +2 Part-1: –
| Journal | |||||
| Date | Particulars |
L.F. | Debit | Credit | |
| (1) | P’s Capital A/c (75000*4/10) | Dr. | 30,000 | ||
| Q’s Capital A/c (75000*3/10) | Dr. | 22,500 | |||
| R’s Capital A/c (75000*3/10) | Dr. | 22,500 | |||
| To Goodwill A/c | 75,000 | ||||
| (Being amount of goodwill written off in the old profit sharing ratio) | |||||
| (2) | Q’s Capital A/c | Dr. | 10,500 | ||
| R’s Capital A/c | Dr. | 10,500 | |||
| To P’s Capital A/c | 21,000 | ||||
| (Being amount of goodwill on change in profit sharing ratio) | |||||
Working Note:-
Calculate the Sacrificing or Gaining Ratio of Partners:
Sacrificing or Gaining Ratio = Old Ratio – New Ratio
| P’s Sacrificing/Gaining Share | = | 4 | – | 1 |
| 10 | 5 |
| = | 4 – 2 | |
| 10 |
| = | 2 | (Sacrifice) | |
| 10 |
| Q’s Sacrificing/Gaining Share | = | 3 | – | 2 |
| 10 | 5 |
| = | 3 – 4 | |
| 10 |
| = | 1 | (Gain) | |
| 10 |
| R’s Sacrificing/Gaining Share | = | 3 | – | 2 |
| 10 | 5 |
| = | 3 – 4 | |
| 10 |
| = | – 1 | (Gain) | |
| 15 |
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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)
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Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- 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)
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1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication