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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

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

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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

DateParticulars L.F.Debit Credit
 Cash a/cDr. 45000 
     To Premium a/c   45000
 (Being goodwill brought in cash by new partner)    
 Premium a/cDr. 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)    

 

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