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:
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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
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