Question 25 Chapter 5 – Unimax Class 12 Part 1 – 2021

Question 25 Chapter 5 - Unimax Class 12 Part 1 - 2021

Question 25 Chapter 5 – Unimax Class 12 Part 1 – 2021

Free Accounting book Solution - Class 11 and Class 12

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 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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