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

Question 05 Chapter 4 of +2- Part-

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: – 

 

In the Books of _______________
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) Goodwill A/c Dr.   1,05,000  
  To P’s Capital A/c (1,05,000*1/5)     21,000
  To Q’s Capital A/c (1,05,000*2/5)     42,000
  To R’s Capital A/c ((1,05,000*2/5)     42,000
  (Being amount of goodwill on change in profit sharing ratio)      

 

 

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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

Chapter No. 3 – Partnership Accounts – II (Introduction)

Chapter No. 4 – Partnership Accounts – III (Goodwill: Nature and Valuation)

Chapter No. 5 – Partnership Accounts – IV (Reconstitution of Partnership)

Chapter No. 6 – Partnership Accounts – V (Admission of A Partner)

Chapter No. 7 – Partnership Accounts – VI (Retirement and Death of A Partner)

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 (Balance Sheet Only)

Chapter No. 2 – Techniques of Financial Statement Analysis

Chapter No. 3 – Ratio Analysis 

Chapter No. 4 – Cash Flow Statement

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

2 Book 1 min - Question 05 Chapter 4 of +2 Part-1 - USHA Publication  12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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