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Question 21 Chapter 5 of +2-Part-1
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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.
We are providing a solution of Question 21 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. 21 from the flowing video by using time stamps of the video.
2. Check out the Solution of this question in Article Format:-
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 A/c | 10,000 | ||||
| (Being capital and premium brought by Sahil ) | |||||
| ii) | Premium 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) | |||||
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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
| New Share of Rajan | = | 2 | – | 1 |
| 10 | 20 | |||
| = | 4-1 | |||
| 20 | ||||
| = | 3 | |||
| 20 |
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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 |
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| New Shares | = | 9 | : | 6 | : | 4 | : | 2 |
| 20 | 20 | 20 | 20 |
New Profit Sharing Ratio = 9:6:4:2
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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
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