Question 26 Chapter 5 – Unimax Class 12 Part 1 – 2021

Question 26 Chapter 5 – Unimax Class 12 Part 1 – 2021

26. R and S are partners sharing profits and losses in the ratio 5 : 3. They agree to admit Q for 1/3rd share in profits. Q brings Rs. 150000 as capital. Goodwill of firm is valued at Rs. 120000. But Q is unable to bring his share of goodwill in cash. Pass necessary journal entries.

The solution of Question 26 Chapter 5 – Unimax Class 12 Part 1

Working Note
Q’s share of goodwill = 120000 X 1/3 = Rs. 40000
(iii) If nothing has been mentioned in the sum about partner’s sacrificing ratio, so they will sacrifice in their old ratio.

What is Partnership – Meaning and Its 4 Types

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