Question 16 Chapter 6 of +2-Part-1
16. (Goodwill does not Exists in Books) X, Y, and Z were partners in a firm, sharing profits in the ratio of 3:2:1. Z retired, the new profit sharing ratio between X and Y was 1:2. On Z’s retirement, the goodwill of the firm was valued at Rs. 30,000. Pass necessary journal entry for the treatment of goodwill on Z’s retirement without raising goodwill account.
The solution of Question 16 Chapter 6 of +2 Part-1: –
Total Goodwill of the firm (given ) = Rs 30,000
| Z’s share in total profit | = | 1 |
| 6 |
| Z’s share in goodwill | = | 30,000 | x | 1 |
| 6 | ||||
| = | Rs 5,000 |
New profit sharing ratio of X & Y = 1 : 2
| X’s gain | = | 1 | – | 3 |
| 3 | 6 | |||
| = | 1 | (Sacrifice) | ||
| 6 |
| Y’s gain | = | 2 | – | 2 |
| 3 | 6 | |||
| = | 2 | (Gain) | ||
| 6 |
| Journal |
|||||
| Date | Particulars |
L.F. | Debit | Credit | |
| a) | Y’s capital A/c | Dr. | 10,000 | ||
| To X’s capital A/c | 5,000 | ||||
| To Z’s capital A/c | 5,000 | ||||
| (Being goodwill adjusted ) | |||||
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 43 Chapter 6 of +2 Part- 1 – USHA Publication
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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)
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
- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- 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)
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.
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1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication