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

Question 24 Chapter 5 of +2- Part-
Q-24. - CH-2 - Usha +2 Book 2018 - Solution

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24.(Goodwill partially withdrawn )Behari and Punjabi are partners in ratio 2:3 .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

2. Check out the Solution of this question in Article Format:-

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

Journal
DateParticulars
L.F.DebitCredit
      
i)Cash A/cDr. 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/cDr. 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/cDr. 800 
 Punjabi’s Capital A/cDr. 1,200 
 To Cash A/c   2,000
 (Being goodwill 20% withdrawn )    
      
iv)Behari’s Capital A/cDr. 3,200 
 Punjabi’s Capital A/cDr. 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

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

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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