Question 23 Chapter 5 – Unimax Class 12 Part 1 – 2021
Table of Contents
23. P and Q are partners sharing profits and losses in ratio 7 : 3. R is admitted for 1/4th share in profits. He brings Rs. 45,000 as his share of goodwill. Pass necessary journal entries.
The solution of Question 23 Chapter 5 – Unimax Class 12 Part 1
Journal
| Date | Particulars | L.F. | Debit | Credit | |
| Cash a/c | Dr. | 45000 | |||
| To Premium a/c | 45000 | ||||
| (Being goodwill brought in cash by new partner) | |||||
| Premium a/c | Dr. | 45000 | |||
| To P’s Capital a/c | 31500 | ||||
| To Q’s Capital a/c | 31500 | ||||
| (Being goodwill brought in cash distributed among old partners in sacrificing ratio) |
What is Partnership – Meaning and Its 4 Types
T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)
- Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
- Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
- Chapter No. 3 – Goodwill: Nature and Valuation
- Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
- Chapter No. 5 – Admission of a Partner
- Chapter No. 6 – Retirement/Death of a Partner
- Chapter No. 7 – Dissolution of a Partnership Firm
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 8 – Company Accounts – Accounting for Share Capital
- Chapter No. 9 – Company Accounts – Issue of Debentures
- Chapter No. 10 – Redemption of Debentures
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
- Chapter No. 4 – Accounting Ratios
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication