Question 22 Chapter 5 of +2- Part-

Question 22 Chapter 5 of +2-Part-1

22.( NPS/Goodwill brought in cash )A, B, and C are partners in ratio 3:2:1. D is admitted for 1/6 share which sacrificed by a. D introduced cash Rs. 90,000 including Rs. 8,000 for goodwill. Pass journal entries and find out the new ratio.

The solution of Question 22 Chapter 5 of +2 Part-1: – 

i)Cash A/cDr. 90,000 
 To D’s Capital A/c   82,000
 To Premium A/c   8,000
 (Being cash brought by D as capital and premium)   
ii)Premium A/cDr. 8,000 
 To A’s Capital A/c  8,000
 (Being goodwill transferred to A’s capital)   

Calculation of new profit sharing ratio

Whole of the sacrifice for S has been made by A, so there will be no change in the profit share of B and C.
A’s new share = Old share – New share

New Ratio=2:2:1:1

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

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 - Question 22 Chapter 5 of +2 Part-1 - USHA Publication  12 Class Parat - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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