Question 24 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Parat – 1

Question 24 Chapter 5 of +2- Part-

Question 24 Chapter 5 of +2-Part-1

24.(Goodwill partially withdrawn )Behari and Punjabi are partners in ratio 2:3 .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.

The solution of Question 24 Chapter 5 of +2 Part-1: – 

Journal
Date Particulars
L.F. Debit Credit
2019          
i) Cash A/c Dr.   50,000  
  To Haryanvi’s Capital A/c       40,000
  To Premium A/c       10,000
  (Being cash for Capital and premium brought by new partner. )      
         
ii) Premium 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 A and B in 3:2 sacrificing ratio)        
           
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  (Being goodwill 20% withdrawn )        
           
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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Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

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2 Book 1 min - Question 24 Chapter 5 of +2 Part-1 - USHA Publication 12 Class Parat - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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