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Question 25 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 25 Chapter 5 of +2- Part-
Q-25. - CH-2 - Usha +2 Book 2018 - Solution

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Question 25 Chapter 5 of +2-Part-1

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25.(Profits at the end of the year are given) P and S are partners sharing profits in the ratio 3:2. their books showed goodwill at Rs. 20,000, R is admitted with the 1/5 share which he acquires equally from P and s. R brings Rs. 20,000 as his capital and Rs. 10,000 as his share of goodwill. Profits at the end of the year were of the amount of Rs. 1,00,000. you are required to give journal entries to carry out the above arrangement.

We are providing a solution of Question 25 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. 25 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 25 Chapter 5 of +2 Part-1: – 

Journal
DateParticulars
L.F.DebitCredit
      
i)P’s Capital A/cDr. 12,000 
 S’s Capital A/cDr. 8,000 
 To Goodwill A/c   20,000
 (Being existing goodwill written off . )   
     
ii)Cash A/cDr. 30,000 
 To R’s Capital A/c   20,000
 To Premium A/c   10,000
 (Being capital and premium brought in by R)    
      
iii)Premium A/cDr. 10,000 
 To P’s Capital A/c   5,000
 To Cash A/c   5,000
 (Being goodwill distributed equally )    
      
iv)Profit and loss A/cDr. 1,00,000 
 To P’s Capital A/c   50,000
 To S’s Capital A/c  30,000
 To R’s Capital A/c  20,000
 (Being Profit Rs. 1,00,000 distributed in the new ratio 3:2 )   
     

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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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