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Question 28 Chapter 5 of +2-Part-1
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28. (New Partner doesn’t bring G/W in Cash) A and B are partners Sharing profits in the ratio of 3:2. Their bouks showed goodwill at Rs. 2,000. C is admitted with 1/4th share of profits and brings Rs. 10,000 as capital but is not able to bring in cash his share of goodwill Rs. 1000. Give necessary journal entries.
We are providing a solution of Question 28 Chapter 5 of +2 Part-1 in two formats. one is in Video format and another is in article format. Check out both formats as follows:
1. Check out the Solution of this question in Video Format:-
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The video consists solution of question numbers from 24 to 32 Chapter no. 5 class 12 of Usha publication. To check the direct solution of question no. 28 from the flowing video by using time stamps of the video.
2. Check out the Solution of this question in Article Format:-
The solution of Question 28 Chapter 5 of +2 Part-1: –
| Journal | |||||
| Date | Particulars |
L.F. | Debit | Credit | |
| i) | A’s Capital A/c | Dr. | 12,000 | ||
| B’s Capital A/c | Dr. | 8,000 | |||
| To goodwill A/c | 20,000 | ||||
| ( Being existing goodwill written of in old ratio 3:2) | |||||
| ii) | Cash A/c | Dr. | 10,000 | ||
| To C’s Capital A/c | 10,000 | ||||
| (Being capital brought in by C) | |||||
| iii) | C’s Current A/c | Dr. | 3,000 | ||
| To A’s Capital A/c | 1,800 | ||||
| To B’s Capital A/c | 1,200 | ||||
| (Being C’s Share goodwill adjusted through capital accounts in sacrificing Ratio i.e. 3:2) | |||||
Working Note
Sacrificing Ratio = Old share of old partners – New share
| X’s sacrifice | = | 5 | – | 4 |
| 10 | 10 | |||
| = | 1 | |||
| 10 |
| Y’s sacrifice | = | 3 | – | 4 |
| 10 | 10 | |||
| 1 | ||||
| = | 1 | |||
| 10 |
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| Z’s sacrifice | = | 1 | – | 1 |
| 10 | 10 | |||
| = | 1 | |||
| 10 |
| Goodwill to be brought by Y and A | = | 30,0000 | x | 1 |
| 10 | ||||
| = | Rs 3,000 Each |
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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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