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Question 20 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 20 Chapter 5 of +2- Part-
Q-20 - CH-2 - Usha +2 Book 2018 - Solution

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Question 20 Chapter 5 of +2-Part-1

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20.( Goodwill brought in cash ) X and Y are partners in a 2:1 ratio. Z is admitted for ¼ share. He brings Rs. 50,000 as capital and Rs. 15,000 as the goodwill of his share. The goodwill is retained in the business pass journal entries.

We are providing a solution of Question 20 Chapter 5 of +2 Part-1 in two formats. one is in Video format and another is in article format. Check out both formats as follows:

1. Check out the Solution of this question in Video Format:-

The video consists solution of question numbers from 12 to 23 Chapter no. 5 class 12 of Usha publication. To check the direct solution of question no. 20 from the flowing video by using time stamps of the video.

2. Check out the Solution of this question in Article Format:-

The solution of Question 20 Chapter 5 of +2 Part-1: – 

Journal
DateParticulars
L.F.DebitCredit
      
i)Cash A/cDr. 65,000 
 To Z’s Capital A/c   50,000
 To Premium A/c   15,000
 (Being capital and goodwill brought in by Z in cash)   
     
ii)Premium A/cDr. 15,000 
 To X’s Capital A/c  10,000
 To Y’s Capital A/c  5,000
 (Being goodwill distributed in sacrificing ratio among old partners)   
     

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NOTE: In the absence of any other information, sacrificing ratio remains the same old ratio & on the presumption that partners sacrificed in the old ratio

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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
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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