Question 15 Chapter 6 of +2- Part

Question 15 Chapter 6 of +2-Part-1

15. A , B and C are partners , sharing profits and losses in the ratio of 4 :3 :3. On C’s retirement the value of firm’s goodwill was agreed at Rs. 30,000. A and B agreed to share future profit or losses in the ratio 7 : 3 respectively. Give necessary journal entries in relation to goodwill, without opening its account.

The solution of Question 15 Chapter 6 of +2 Part-1: –

Total Goodwill of the firm (given ) =  Rs 30,000

C’s share in total profit=3
10
C’s share in goodwill=30,000x3
10
     
 =Rs 9,000  

Gaining ratio = New share – Old share

A’s gain=74
1010
     
 =3  
 10  
B’s gain=33
1010
     
 =Nil  

Because the gain is to A so A will pay the C whole of his share in goodwill, i.e, Rs. 9,000

Journal
Date  Particulars
L.F.DebitCredit
a)A’s capital A/cDr. 9,000 
 To C’s capital A/c   9,000
 (Being goodwill payable to C adjusted in A’s capital A/c )    
     

Comment if you have any questions.


Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

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

2 Book 1 min - Question 15 Chapter 6 of +2 Part-1 - USHA Publication 12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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