Question 20 Chapter 5 of +2- Part-

Question 20 Chapter 5 of +2-Part-1

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.

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

Journal
DateParticulars
L.F.DebitCredit
2019     
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)   
     

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 - Question 20 Chapter 5 of +2 Part-1 - USHA Publication  12 Class Parat - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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