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Question 25 Chapter 5 – Unimax Class 12 Part 1 – 2021
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Table of Contents
25. A and B are partners sharing profits and losses in ratio 4 : 3. C is admitted as a new partner for 1/6th share, which he takes entirely from A. Goodwill of the firm is valued at Rs. 1,80,000. C brings his share of goodwill in cash. Pass necessary journal entries.
The solution of Question 25 Chapter 5 – Unimax Class 12 Part 1
Journal
| Date | Particulars | L.F. | Debit | Credit | |
| Cash a/c | Dr. | 30000 | |||
| To Premium a/c | 30000 | ||||
| (Being share of goodwill brought in cash by new partner in cash) | |||||
| Premium a/c | Dr. | 30000 | |||
| To A’s Capital a/c | 30000 | ||||
| (Being goodwill brought in cash credited to sacrificing partners’ capital a/c) |
What is Partnership – Meaning and Its 4 Types
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T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)
- Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
- Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
- Chapter No. 3 – Goodwill: Nature and Valuation
- Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
- Chapter No. 5 – Admission of a Partner
- Chapter No. 6 – Retirement/Death of a Partner
- Chapter No. 7 – Dissolution of a Partnership Firm
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 8 – Company Accounts – Accounting for Share Capital
- Chapter No. 9 – Company Accounts – Issue of Debentures
- Chapter No. 10 – Redemption of Debentures
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
- Chapter No. 4 – Accounting Ratios
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication