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Question 21 Chapter 6 of +2-Part-1
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Table of Contents
21. (Hidden goodwill) X, Y and Z are partners in 2 : 3 :5 ratio. Z retires. His capital was Rs. 80,000 and profit from revaluation Rs. 60,000. However, continuing partners agreed to pay firm Rs. 1,90,000. Record necessary entry for goodwill.
The solution of Question 21 Chapter 6 of +2 Part-1: –
Calculation of hidden goodwill | = | Value of the firm – Amount payable |
= | Rs. [1,90,000- (80,000-60,000)] | |
= | Rs. 50,000 | |
Hidden goodwill | = | Rs 50,000 |
Comment if you have any questions.
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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what is the formula of finding hidden goodwill
Calculation of hidden goodwill = Value of the firm – Amount payable