Question 27 Chapter 5 – Unimax Class 12 Part 1 – 2021

Question 27 Chapter 5 - Unimax Class 12 Part 1 - 2021

Question 27 Chapter 5 – Unimax Class 12 Part 1 – 2021

Free Accounting book Solution - Class 11 and Class 12

27. Aditi and Charvi are partners sharing profits and losses in 3 : 2. Nidhi is admitted for 1/5th share in profit. Goodwill of the firm is valued at Rs. 175000. Nidhi paid Rs. 20000 out of her share of goodwill and Rs. 75000 as her capital. Pass necessary journal entries.

The solution of Question 27 Chapter 5 – Unimax Class 12 Part 1

Journal

Date Particulars   L.F. Debit Credit
  Cash a/c Dr.   95000  
      To Nidhi’s Capital a/c       75000
      To Premium a/c       20000
  (Being Capital and goodwill brought in cash by new partner)        
  Premium a/c Dr.   20000  
  Nidhi’s Capital a/c     15000  
      To Adhiti’s Capital a/c       21000
      To Charvi’s Capital a/c       14000
  (Being compensation paid transferred to old partner’s capital a/c in sacrificing ratio)        

Working Note
Nidhi’s share of goodwill = 175000 X 1/5 = Rs. 35000
Sacificing ratio = Old Ratio of partners = 3 : 2

 

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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