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

Q-21. - CH-2 - Usha +2 Book 2018 - Solution

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.

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:

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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 |

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

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