Question 23 Chapter 5 – Unimax Class 12 Part 1 – 2021

Question 23 Chapter 5 - Unimax Class 12 Part 1 - 2021

Question 23 Chapter 5 – Unimax Class 12 Part 1 – 2021

Free Accounting book Solution - Class 11 and Class 12

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 Types

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

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