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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 VK Publication

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Question 28 Chapter 3 of Class 12 Part – 1

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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 . FDr. ₹Cr. ₹
2018B’s Capital A/cDr. 3,000 
April 1To 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=31
52
 =6 – 5
 10
 =1(Sacrifice)
 10

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B=21
52
 =4 – 5
 10
 =-1(Gaining)
 00

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Thus Proportionate Share of Goodwill to be adjusted

X = 30,000X1
10

= 3,000

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

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

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

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Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

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Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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