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Question 05 Chapter 4 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 05 Chapter 4 of +2- Part-
Q-5 - CH-4 - Usha +2 Book 2018 - Solution

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Question 05 Chapter 4 of +2-Part-1

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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
DateParticulars
L.F.DebitCredit
      
 (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/cDr. 10,500 
 R’s Capital A/cDr. 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=41
105
 =4 – 2
 10
 =2(Sacrifice)
 10

 

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Q’s  Sacrificing/Gaining Share=32
105
 =3 – 4
 10

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 =1(Gain)
 10

 

R’s Sacrificing/Gaining Share=32
105
 =3 – 4
 10
 =– 1(Gain)
 15

 

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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
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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