Question 24 Chapter 5 – Unimax Class 12 Part 1 – 2021

Question 24 Chapter 5 - Unimax Class 12 Part 1 - 2021

Question 24 Chapter 5 – Unimax Class 12 Part 1 – 2021

Free Accounting book Solution - Class 11 and Class 12

24. Ram, Sham and Mohan were three partners sharing profits and losses in ratio 5 : 3 : 2. Gopi was admitted as a new partner for 1/6th share. He brings Rs. 95,000 as his share of goodwill. Pass necessary journal entries.

The solution of Question 24 Chapter 5 – Unimax Class 12 Part 1

Date Particulars   L.F. Debit Credit
  Cash a/c Dr.   95000  
      To Premium a/c       95000
  (Being goodwill brought in cash by new partner)        
  Premium a/c Dr.   95000  
      To Ram’s Capital a/c       47500
      To Sham’s Capital a/c       28500
      To Mohan’s Capital a/c       19000
  (Being goodwill distributed among a/c partners)        

 

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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