Question 26 Chapter 3 of Class 12 Part – 1 VK Publication

Question 26 Chapter 3 of Class 12 Part – 1

26. A, B and C are partners sharing profits in the ratio of 5:4:1. It is now agreed that they will share future profits in the ratio of 3:3:4 with effect from 31st March, 2018. Goodwill is valued at Rs. 1,00,000. You are required to pass a single journal entry for the treatment of Goodwill.

The solution of Question 26 Chapter 3 of Class 12 Part – 1: –

Journal Entry

Working Notes:

Thus Proportionate Share of Goodwill to be adjusted

= 20,000

= 10,000

= 30,000

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Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

• Chapter No. 1 – Accounting Not for Profit Organisations
• 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)
• 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)
• Chapter No. 8 – Company Accounts (Share Capital)
• Chapter No. 9 – Company Accounts (Issue of Debentures)
• Chapter No. 10 – Company Accounts (Redemption of Debentures)

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

• Chapter No. 1 – Financial Statements of a Company
• Chapter No. 2 – Financial Statement Analysis
• Chapter No. 3 –  Tools of Financial Statement Analysis- Comparative and Common Size
• Chapter No. 4 – Ratio Analysis
• Chapter No. 5 – Cash Flow Statement

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