Question 22 Chapter 6 of +2-Part-1
22. (Different Cases of Goodwill) (a) Singh, Khan and Gupta are partners sharing profits and losses in the ratio of 5 : 3 : 2 Singh retires. Goodwill of the entire firm was valued at Rs. 40,000. Pass necessary journal entries regarding goodwill
(b) With the help of above facts pass necessary entries in the following cases :
(i) Goodwill already appears in books at Rs. 40,000.
(ii) Goodwill already appears in books at Rs. 20,000.
(iii) Goodwill already appears in books at Rs. 60,000.
The solution of Question 22 Chapter 6 of +2 Part-1: –
Journal |
|||||
Date | Particulars |
L.F. | Debit | Credit | |
a) | Khan’s capital A/c | Dr. | 12,000 | ||
Gupta’s capital A/c | Dr. | 8,000 | |||
To Singh’s capital A/c | 20,000 | ||||
(Being goodwill adjusted by debiting continuing partners in new ratio 3:2. ) | |||||
b)(i) | Singh’s capital A/c | Dr. | 20,000 | ||
Khan’s capital A/c | Dr. | 12,000 | |||
Gupta’s capital A/c | Dr. | 8,000 | |||
To A’s capital A/c | 40,000 | ||||
(Being goodwill written off ) | |||||
Khan’s capital A/c | Dr. | 12,000 | |||
Gupta’s capital A/c | Dr. | 8,000 | |||
To Singh’s capital A/c | 20,000 | ||||
(Being goodwill adjusted on retirement ) | |||||
(ii) | Singh’s capital A/c | Dr. | 10,000 | ||
Khan’s capital A/c | Dr. | 6,000 | |||
Singh’s capital A/c | Dr. | 4,000 | |||
To Goodwill A/c | 20,000 | ||||
(Being goodwill written off ) | |||||
Khan’s capital A/c | Dr. | 12,000 | |||
Gupta’s capital A/c | Dr. | 8,000 | |||
To Singh’s capital A/c | 20,000 | ||||
(Being goodwill adjusted on retirement ) | |||||
(iii) | Singh’s capital A/c | Dr. | 30,000 | ||
Khan’s capital A/c | Dr. | 18,000 | |||
Gupta’s capital A/c | Dr. | 12,000 | |||
To Goodwill A/c | 60,000 | ||||
(Being goodwill written off ) | |||||
Khan’s capital A/c | Dr. | 12,000 | |||
Gupta’s capital A/c | Dr. | 8,000 | |||
To Singh’s capital A/c | 20,000 | ||||
(Being goodwill adjusted on retirement ) | |||||
Comment if you have any questions.
End of Solution
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Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)
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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)
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- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- 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)
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