# Question 28 Chapter 3 of Class 12 Part – 1 VK Publication

Question 28 Chapter 3 of Class 12 Part - 1 VK Publication

Question 28 Chapter 3 of Class 12 Part – 1

28. A and B were partners in a firm sharing profits in the ratio of 3:2. With effect from 1st April, 2018, they agreed to share protits equally. For this purpose, the goodwill of the firm was valued at Rs. 30,000. Pass the necessary Journal entry for the treatment of goodwill without opening goodwill account.

## The solution of Question 28 Chapter 3 of Class 12 Part – 1: –

Journal Entry

 Date Particulars L . F Dr. ₹ Cr. ₹ 2018 B’s Capital A/c Dr. 3,000 April 1 To C’s Capital A/c 3,000 ( Being proportionate share of Goodwill adjusted among partners )

Working Notes:
Old Ratio of A and B = 3:2
New Ratio of A and B = 1:1
Sacrificing Ratio = Old Share – New Share

 A = 3 – 1 5 2
 = 6 – 5 10
 = 1 (Sacrifice) 10

 B = 2 – 1 5 2
 = 4 – 5 10
 = -1 (Gaining) 00

Thus Proportionate Share of Goodwill to be adjusted

 X = 30,000 X 1 10

= 3,000

Comment if you have any questions.

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