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Question 24 Chapter 5 of +2-Part-1
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24.(Goodwill partially withdrawn )Behari and Punjabi are partners in ratio 2:3 . Haryanvi is admitted for 1/3 share . He brings cash Rs. 50,000 for capital and goodwill . Total good will is Rs. 30,000. Behari and Punjabi as per agreement withdrew 20% of goodwill amount and balance was transferred to their loan account carrying 10% interest. Pass journal entries.
We are providing a solution of Question 24 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 24 to 32 Chapter no. 5 class 12 of Usha publication. To check the direct solution of question no. 24 from the flowing video by using time stamps of the video.
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2. Check out the Solution of this question in Article Format:-
The solution of Question 24 Chapter 5 of +2 Part-1: –
| Journal | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| i) | Cash A/c | Dr. | 50,000 | ||
| To Haryanvi’s Capital A/c | 40,000 | ||||
| To Premium for Goodwill A/c | 10,000 | ||||
| (Being cash for Capital and premium brought by new partner. ) | |||||
| ii) | Premium for Goodwill A/c | Dr. | 10,000 | ||
| To Behari’s Capital A/c | 4,000 | ||||
| To Punjabi’s Capital A/c | 6,000 | ||||
| (Being goodwill distributed among sacrificed partner in their sacrificing ratio i.e. 3:2 ) | |||||
| iii) | Behari’s Capital A/c | Dr. | 800 | ||
| Punjabi’s Capital A/c | Dr. | 1,200 | |||
| To Cash A/c | 2,000 | ||||
| (Being goodwill 20% withdrawn by Partner) | |||||
| iv) | Behari’s Capital A/c | Dr. | 3,200 | ||
| Punjabi’s Capital A/c | Dr. | 4,800 | |||
| To Behari’s loan A/c | 3,200 | ||||
| To Punjabi’s loan A/c | 4,800 | ||||
| (Being 80% of goodwill credited to loan A/c ) | |||||
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The solution to all questions of Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.
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Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)
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)
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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)
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- 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)
Check out Part 2 of both books.
In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 2, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 2 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.
1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication
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