Question 23 Chapter 3 of Class 12 Part – 1 VK Publication

Question 23 Chapter 3 of Class 12 Part – 1

23. A, B and C were partners in a firm sharing profits in 3:2:1 ratio. They decided to share future profits in 5:3:2 ratio. For this purpose, the goodwill of the firm was valued at Rs. 60,000. Pass an adjustment entry for the treatment of goodwill.

The solution of Question 23 Chapter 3 of Class 12 Part – 1: –

 

Journal Entry

Working Notes:
Old Ratio of A,B and C = 3:2:1
New Ratio of A, B and C = 5:3:2
Sacrificing Ratio = Old Share – New Share

 

Thus Proportionate Share of Goodwill to be adjusted = 60,000 x 1/30 = Rs. 2,000.

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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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