Question 29 Chapter 5 of +2- Part-

Question 29 Chapter 5 of +2-Part-1

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=56,000x1
4
     
 =Rs 14,000  
Journal
DateParticulars
L.F.DebitCredit
2019     
i)Cash A/cDr. 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/cDr. 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/cDr. 3,143 
 B’s Capital A/cDr. 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 (Being 50% of goodwill withdrawn)    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

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

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

2 Book 1 min - Question 29 Chapter 5 of +2 Part-1 - USHA Publication 12 Class Parat - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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