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Question 14 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 14 Chapter 6 of +2- Part
Q-14 - CH-6 - Usha +2 Book 2018 - Solution

Question 14 Chapter 6 of +2-Part-1

14. (Valuation of retiring Partner’s Share in goodwill) L, M and O are partners, sharing profits and losses in the ratio of 4 : 3 : 2. M retires and the goodwill is valued at Rs. 72,000 Calculate M’s share in goodwill and pass necessary journal entry for the same, without opening goodwill account. L and O decided to share future profits and losses in 5: 3 ratio.

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The solution of Question 14 Chapter 6 of +2 Part-1: –

Day - 124 | Solution of Questions 11 to 17 Retirement of a Partner Chapter 6 Accounts class 12 PSEB

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Total Goodwill of the firm (given ) =  Rs 72,000

M’s share in total profit = 3
9
M share in goodwill = 72,000 x 3
9
         
  = Rs 24,000    

Gaining ratio = New share – Old share

L’s gain = 5 4
8 9
         
  = 13    
  72    
O’s gain = 3 2
8 9
         
  = 11    
  72    

Gaining ratio = 13 : 11

Goodwill payable to L = 24,000 x 13
24
         
  = Rs 13,000    
Goodwill payable to O = 24,000 x 11
24
         
  = Rs 11,000    
Journal
Date   Particulars
L.F. Debit Credit
a) L’s capital A/c Dr.   13,000  
  O’s capital A/c Dr.   11,000  
  To M’s capital A/c       24,000
  (Being goodwill adjusted in gaining ratio 13: 11)        
         

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. 6 – Partnership Accounts – V (Retirement and Death of A Partner) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.

Question 05 Chapter 6 of +2- Part- 1 of USHA Publication Part – 1

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Question 20 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 35 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 53 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

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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)

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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)

Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication

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

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