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Question 24 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 24 Chapter 6 of +2- Part
Q-24 - CH-6 - Usha +2 Book 2018 - Solution

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Question 24 Chapter 6 of +2-Part-1

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24. (Goodwill does not exists) Ramesh, Suresh and Naresh were partners in a firm sharing profits in the ratio of 5: 3:2. Naresh retired and the new profit sharing ratio between Ramesh and Suresh was 2:3. On Naresh’s retirement, the goodwill of the firm was valued at Rs. 1,20,000 .Pass necessary journal entry for the treatment of goodwill on Naresh’s retirement, without raising goodwill account.

The solution of Question 24 Chapter 6 of +2 Part-1: –

Day - 126 | Solution of Questions 24 to 29 Retirement of a Partner Chapter 6 Accounts class 12 PSEB

Total Goodwill of the firm (given ) = Rs 1,20,000

Naresh’s share in total profit=2
10
Naresh share in goodwill=1,20,000x2
10
     
 =Rs 24,000  

Gaining ratio = New share – Old share

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Ramesh’s gain=25
510
     
 =(-1) (sacrifice)
 10  
Suresh’s gain=33
510
     
 =3 (Gain)
 10  

Because whole gain is to Suresh , he will pay for whole of the goodwill to Ramesh & Naresh

Journal
Date  Particulars
L.F.DebitCredit
a)Suresh’s capital A/cDr. 36,000 
 To Ramesh’s capital A/c   12,000
 To Naresh’s capital A/c   24,000
 (Being goodwill adjusted )    
     

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End of Solution

Check Out the Solution of all questions of this chapter:

The solution to all questions of Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.

Question 02 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 08 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 14 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 20 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 26 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 32 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 38 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 47 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 53 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

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Question 59 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

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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

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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