Question 21 Chapter 5 of +2-Part-1
21.( NPS/Goodwill brought in cash )Bhushan, Gobin, and Rajan are partners in the 5:3:2 ratio. Sahil is admitted for 1/10 share which he acquires equally from Bhushan and Rajan. Sahil brings Rs. 50,000 including his share of goodwill of Rs. 10,000. Pass journal entries and calculate the new ratio.
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The solution to Question 21 Chapter 5 of +2 Part-1: –
| Journal | |||||
| Date | Particulars |
L. F. | Debit | Credit | |
| i) | Bank A/c | Dr. | 50,000 | ||
| To Sahil’s Capital A/c | 40,000 | ||||
| To Premium for Goodwill A/c | 10,000 | ||||
| (Being capital and premium brought by Sahil ) | |||||
| ii) | Premium for Goodwill A/c | Dr. | 10,000 | ||
| To Bhushan’s Capital A/c | 5,000 | ||||
| To Rajan’s Capital A/c | 5,000 | ||||
| (Being goodwill distributed in sacrificing ratio) | |||||
Calculation of New Profit Sharing Ratio:
| Sahil’s share | = | 1 |
| 10 |
| Share acquires from Bhushan by Sahil | = | 1 | x | 1 |
| 10 | 2 | |||
| = | 1 | |||
| 20 |
| Share acquires from Rajan by Sahil | = | 1 | x | 1 |
| 10 | 2 | |||
| = | 1 | |||
| 20 |
Calculation of New share of Bhushan
| New Share of Bhushan | = | 5 | – | 1 |
| 10 | 20 | |||
| = | 10-1 | |||
| 20 | ||||
| = | 9 | |||
| 20 |
Calculation of New share of Rajan
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| New Share of Rajan | = | 2 | – | 1 |
| 10 | 20 | |||
| = | 4-1 | |||
| 20 | ||||
| = | 3 | |||
| 20 |
Now, Calculate the New Profit share ratio for all partners by making the base equal :
| New Share of Bhushan | = | 9 | ||
| 20 | ||||
| New Share of Gobin | = | 3 | x | 2 |
| 10 | 2 | |||
| = | 6 | |||
| 20 | ||||
| New Share of Bhushan | = | 4 | ||
| 20 | ||||
| New Share of Gobin | = | 1 | x | 2 |
| 10 | 2 | |||
| = | 2 | |||
| 20 |
| New Shares | = | 9 |
: |
6 | : | 4 | : | 2 |
| 20 | 20 | 20 | 20 |
New Profit Sharing Ratio = 9:6:4:2
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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)
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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.
1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication