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Question 21 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 21 Chapter 5 of +2- Part-
Q-21. - CH-2 - Usha +2 Book 2018 - Solution

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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.

Day - 81 | Solution of Questions Admission of a Partner | Chapter No. 5 | Accounts class 12 | PSEB |

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

The solution to Question 21 Chapter 5 of +2 Part-1: – 

Journal
DateParticulars
L. F.DebitCredit
      
i)Bank A/cDr. 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/cDr. 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=1x1
102
     
 =1  
 20  

 

Share acquires from Rajan by Sahil=1x1
102
     
 =1  
 20  

Calculation of New share of Bhushan

New Share of Bhushan=51
1020
     
 =10-1  
 20  
     
 =9  
 20  

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Calculation of New share of Rajan

New Share of Rajan=21
1020
     
 =4-1  
 20  
     
 =3  
 20  

Now, Calculate the New Profit share ratio for all partners by making the base equal :

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New Share of Bhushan=9  
20 
     
New Share of Gobin=3x2
102
     
 =6  
 20  
     
New Share of Bhushan=4  
20 
     
New Share of Gobin=1x2
102
     
 =2  
 20  

 

 

New Shares=9

:

6:4:2
20202020

New Profit Sharing Ratio = 9:6:4:2

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Also, Check out the solved question of previous Chapters: –

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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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