Question 18 Chapter 6 of +2-Part-1
18. (Goodwill Appear in the Books) A, B, and C are partners in a firm. On C’s retirement goodwill has been valued at Rs. 31,000. There is a goodwill account in the books of the firm with a balance of Rs. 31,000. What will be the journal entry to record the goodwill?
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The solution of Question 18 Chapter 6 of +2 Part-1: –
As the goodwill has been valued at 31,00 on the date of the retirement of C.
Goodwill is already appearing in the books of the firm at Rs. 31,000, so, no further entry is to be recorded for goodwill on C’s retirement .
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Also, Check out the solved question of previous Chapters: –
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
- Chapter No. 1 – Accounting Not for Profit Organisations
- 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)
- Chapter No. 8 – Company Accounts (Share Capital)
- Chapter No. 9 – Company Accounts (Issue of Debentures)
- Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement