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Question 29 Chapter 5 of +2-Part-1
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29. (goodwill is partly paid privately and partly through books ) A and B are partners in 3:4 . Value of the firm’s goodwill is Rs. 56,000. C is admitted for 1/4th share . He brings capital Rs. 20,000. he paid Rs. Cash for goodwill privately and the balance of his share through the books of the firm . Pass the entries.
The solution of Question 29 Chapter 5 of +2 Part-1: –
Total goodwill = Rs. 56,000
C’s share | = | 56,000 | x | 1 |
4 | ||||
= | Rs 14,000 |
Journal | |||||
Date | Particulars | L.F. | Debit | Credit | |
i) | Cash A/c | Dr. | 31,000 | ||
To Premium A/c | 11,000 | ||||
To C’s Capital A/c | 20,000 | ||||
(Being capital and premium brought by C) | |||||
ii) | Premium A/c | Dr. | 11,000 | ||
To A’s Capital A/c | 6,286 | ||||
To B’s Capital A/c | 4,714 | ||||
(Being premium credited in sacrifice ratio) | |||||
iii) | A’s Capital A/c | Dr. | 3,143 | ||
B’s Capital A/c | Dr. | 2,357 | |||
To Cash A/c | 5,500 | ||||
(Being 50% of goodwill withdrawn) | |||||
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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
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
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