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Question 23 Chapter 5 of +2-Part-1
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23.(Goodwill partially withdrawn )A and B are partners in 3:2 ratio.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.
We are providing a solution of Question 23 Chapter 5 of +2 Part-1 in two formats. one is in Video format and another is in article format. Check out both formats as follows:
1. Check out the Solution of this question in Video Format:-
The video consists solution of question numbers from 12 to 23 Chapter no. 5 class 12 of Usha publication. To check the direct solution of question no. 23 from the flowing video by using time stamps of the video.
2. Check out the Solution of this question in Article Format:-
The solution of Question 23 Chapter 5 of +2 Part-1: –
| Journal | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| i) | Cash A/c | Dr. | 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/c | Dr. | 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/c | Dr. | 9,000 | ||
| B’s Capital A/c | Dr. | 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| (Being 50% of goodwill withdrawn by old partner) | |||||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
- 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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