Question 20 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Q-20 - CH-6 - Usha +2 Book 2018 - Solution

Question 20 Chapter 6 of +2-Part-1

20. (Goodwill Appear in the Books) A, B and C are partners sharing in the ratio of 5: 3:2 respectively. A retires from the firm. On A’s retirement goodwill has been valued at Rs. 6,40,000. There is a goodwill account in the books of the firm with a balance of Rs. 4,00,000. Give the necessary journal entries to record this arrangement assuming that B and C decide to share future profits and losses equally.

The solution of Question 20 Chapter 6 of +2 Part-1: –

Day - 125 | Solution of Questions 18 to 23 Retirement of a Partner Chapter 6 Accounts class 12 PSEB

 Journal Date Particulars L.F. Debit Credit a) A’s capital A/c Dr. 2,00,000 B’s capital A/c Dr. 1,20,000 C’s capital A/c Dr. 80,000 To Goodwill A/c 4,00,000 (Being goodwill written off in new ratio ) b) B’s capital A/c Dr. 1,28,000 C’s capital A/c Dr. 1,92,000 To A’s capital A/c 3,20,000 (Being goodwill adjusted through capital a/cs in gaining ratio i.e. 2 : 3)

Calculation of gaining ratio :

Old Ratio A:B: C = 5:3: 2

New Ratio B: C = 1 : 1

 B’s gain = 1 – 3 2 10 = 2 10
 C’s gain = 1 – 2 2 10 = 3 10

Gaining ratio = 2 : 3

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 01 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 07 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 13 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 19 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 25 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 31 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 37 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 44 Chapter 6 of +2 Part-1 – USHA Publication

Question 52 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 58 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Thanks for completing the chapter. If you understand the question or we have helped you with your homework, please share our website on your social media. We are delighted to help you out.

Thanks again.

End of Post

Download a PDF of Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner):

If you want to download a PDF of this chapter then you can do it. Check out our PDF file on our Store page.

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)

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.

1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication