Advertisement

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

Q-6 - CH-4 - Usha +2 Book 2018 - Solution

Advertisement

Question 06 Chapter 4 of +2- Part-1

Advertisement

6. (Different cases of treatment of Goodwill) X, Y and Z who are presently sharing profits and losses in the ratio of 5:3:2 decide to share future profits equally with effect from 1st April 2016. The goodwill of the firm has been valued at Rs.1,08,000. Show the necessary accounting treatment under each of the following alternative cases:

1. When no goodwill appears in the books.
2. When goodwill appears in the books at Rs.1,08,000.
3. When goodwill appears in the books at Rs. 18,000.
4. When goodwill appears in the books at Rs.1,26,000.

## The solution of Question 06 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 = 1: 1: 1

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

 X’s Sacrificing/Gaining Share = 5 – 1 10 3
 = 15 – 10 30
 = 5 (Sacrifice) 30
 Y’s Sacrificing/Gaining Share = 3 – 1 10 3
 = 9 – 10 30

Advertisement-Y

 = -1 (Gain) 30
 Z’s Sacrificing/Gaining Share = 2 – 1 10 3
 = 6 – 10 30
 = -4 (Gain) 30

(i) When no goodwill appears in the books.

Advertisement-X

 Journal Date Particulars L.F. Debit Credit April 1 Y’s Capital A/c (1,08,000 X 1/30) Dr. 3,600 Z’s Capital A/c (1,08,000 X 4/30) Dr. 14,400 To X’s Capital A/c (1,08,000 X 5/30) 18,000 (Being goodwill adjusted through Partner Capital A/c)

(ii) When goodwill appears in the books at Rs.1,08,000.

 Journal Date Particulars L.F. Debit Credit April 1 X’s Capital A/c (1,08,000 x 5/10) Dr. 54,000 Y’s Capital A/c (1,08,000 x 3/10) Dr. 32,400 Z’s Capital A/c (1,08,000 x 2/10) Dr. 21,600 To Goodwill A/c 1,08,000 (Being goodwill already appeared in the book written off) Y’s Capital A/c (1,08,000 X 1/30) Dr. 3,600 Z’s Capital A/c (1,08,000 X 4/30) Dr. 14,400 To X’s Capital A/c (1,08,000 X 5/30) 18,000 (Being goodwill adjusted through Partner Capital A/c)

(iii) When goodwill appears in the books at Rs.18,000.

 Journal Date Particulars L.F. Debit Credit April 1 X’s Capital A/c (18,000 x 5/10) Dr. 9,000 Y’s Capital A/c (18,000 x 3/10) Dr. 5,400 Z’s Capital A/c (18,000 x 2/10) Dr. 21,600 To Goodwill A/c 18,000 (Being goodwill already appeared in the books are written off) Y’s Capital A/c (1,08,000 X 1/30) Dr. 3,600 Z’s Capital A/c (1,08,000 X 4/30) Dr. 14,400 To X’s Capital A/c (1,08,000 X 5/30) 18,000 (Being goodwill adjusted through Partner Capital A/c)

(iv) When goodwill appears in the books at Rs.1,26,000.

 Journal Date Particulars L.F. Debit Credit April 1 X’s Capital A/c (1,26,000 x 5/10) Dr. 63,000 Y’s Capital A/c (1,26,000 x 3/10) Dr. 37,800 Z’s Capital A/c (1,26,000 x 2/10) Dr. 25,200 To Goodwill A/c 1,26,000 (Being excess goodwill written off in the old profit sharing ratio) Y’s Capital A/c (1,08,000 X 1/30) Dr. 3,600 Z’s Capital A/c (1,08,000 X 4/30) Dr. 14,400 To X’s Capital A/c (1,08,000 X 5/30) 18,000 (Being goodwill adjusted through Partner Capital A/c)

Advertisement-Y

This is all about Question 06 Chapter 4 of +2- Part- Usha publication.

Thanks, Please Like and share with your friends

Advertisement-X

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

Advertisement-X

Advertisement-Y

Question 09 Chapter 4 of +2 Part-1 – USHA Publication 12 Class Part – 1

Advertisement-X

Question 15 Chapter 4 of +2 Part-1 – USHA Publication 12 Class Part – 1

Advertisement-X

Advertisement-Y

Question 21 Chapter 4 of +2 Part-1 – USHA Publication 12 Class Part – 1

Advertisement-X

Advertisement-Y

Thanks for completing the chapter. If you understand the question or we have helped you with your homework, please share our website on your social media. We are delighted to help you out.

Advertisement-X

Thanks again.

End of Post

### Download a PDF of Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership):

If you want to download a PDF of this chapter then you can do it. Check out our PDF file on our Store page.

## 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)

Advertisement-X

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)

Advertisement-X

## 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

Advertisement

error: Content is protected !!