Question 23 Chapter 5 of +2- Part-

Question 23 Chapter 5 of +2-Part-1

23.(Goodwill partially withdrawn )A and B are partners in 3:2 ratio. They admitted C for 1/3 share. He brings Rs. 70,000 of which Rs. 40,000 in his capital and remaining amount in his goodwill. The old partners withdrew 50% of the share of goodwill. Record the transaction in Journal.

The solution of Question 23 Chapter 5 of +2 Part-1: – 

Journal
DateParticulars
L.F.DebitCredit
2019     
i)Cash A/cDr. 70,000 
 To C’s Capital A/c   40,000
 To Premium A/c   30,000
 (Being cash brought by D as capital and premium)   
     
ii)Premium A/cDr. 30,000 
 To A’s Capital A/c   18,000
 To B’s Capital A/c   12,000
 (Being goodwill distributed among A and B in 3:2 sacrificing ratio)    
      
iii)A’s Capital A/cDr. 9,000 
 B’s Capital A/cDr. 6,000 
 To Cash A/c  15,000
 (Being 50% of goodwill withdrawn by old partner)   
     

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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 23 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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