Question 13 Chapter 6 - Unimax Class 12 Part 1

Question 13 Chapter 6 – Unimax Class 12 Part 1 – 2021

Table of Contents

The solution of Question 13 Chapter 6 – Unimax Class 12 Part 1: –

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

13. A, B, C and D are partners sharing profits and losses in 1 : 4 : 3 : 2. D retires and the goodwill is valued at Rs. 110000. D’s share of goodwill is to be adjusted into the capital accounts of A, B and C, who decide to share future profits in ratio 4 : 3 : 3. Pass necessary journal entry.

The solution of Question 13 Chapter 6 – Unimax Class 12 Part 1: –

Journal

Date	Particulars		L.F.	Debit	Credit

	A’s Capital a/c	Dr.		33000
	To B’s Capital A/c	Dr.			11000
	To D’s Capital a/c				22000
	(Being compensation paid by gaining partner A to sacrificing partner B and retiring partner D on account of goodwill)

Working Note:

	New Share	Old Share	Difference

A	4	1	4	–	1	=	3	(Gain)
A	10	10	10	–	10	=	10	(Gain)

B	3	4	3	–	4	=	-1	(Sacrifice)
B	10	10	10	–	10	=	10	(Sacrifice)

C	3	3	3	–	3	=	0	(No Gain, No Loss)
C	10	10	10	–	10	=	0	(No Gain, No Loss)