Advertisement

Question 30 Chapter 5 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 30 Chapter 5 of +2-A
Question No.30 Chapter No.5 - T.S. Grewal +2 Book 2019-Solution

Advertisement

Question 30 Chapter 5 of +2-A

Advertisement

30. Anu and Bhagwan were partners in a firm sharing profits in the ratio of 3 : 1. Goodwill  appeared in the books at 4,40,000. Raja was admitted to the partnership. The new profit-sharing ratio among Anu, Bhagwan and Raja was 2 : 2 : 1. Raja brought 1,00,000 for his capital and necessary cash for his goodwill premium. Goodwill of the firm was valued at 2,50,000.
Record necessary Journal entries in the books of the firm for the above transactions.

 

The solution of Question 30 Chapter 6 of +2-A

DateParticulars
L.F.DebitCredit
 Anu’s Capital A/cDr 3,30,000 
 Bhagwan’s Capital A/cDr 1,10,000 
 To Goodwill A/c   4,40,000
 (Being goodwill written off which is already in the books)    
 Bank A/cDr 1,50,000 
 To Raja’s Capital A/c   1,00,000
 To Premium for Goodwill A/c   50,000
 (Being C brought his share of capital and goodwill)    
 Premium for Goodwill A/cDr 50,000 
 Bhagwan’s Capital A/cDr 37,500 
 To Anu’s Capital A/c   87,500
 (Being goodwill brought by Raja and share goodwill adjusted from the bhagwan’s capital account because he is gaining partner)    

Advertisement-X

 

Old Ratio of Anu and Bhagwan=3 : 1
New Ratio of Anu, Bhagwan and Raja=2 : 2 : 1

Sacrificing Share = Old Ratio – New Ratio

Anu’s Sacrificing Share=32
45
 =15 – 8
20
 =7 Sacrifice
 20

 

Bhagwan’s Sacrificing Share=12
45
 =5 – 8
20

Advertisement-Y

 =(-3)Gains
 20

 

Goodwill in the books=4,40,000
Anu’s share of Goodwill=4,40,000X3
4
 =3,30,000
  

 

Bhagwan’s share of Goodwill=4,40,000X1
4
 =1,10,000
  

 

Anu’s share of Goodwill=4,40,000X3
4
 =3,30,000
  

Advertisement-X

Firm’s Goodwill
Raja’s Share of Goodwill = Firm’s Goodwill  X Raja’s share

Raja’s Share of Goodwill=Firm’s Goodwill XRaja’s share
 =2,50,000X1
5
 =50,000
  

 

Bhagwan’s Share of Goodwill=Firm’s Goodwill XRaja’s share

Advertisement-Y

 =2,50,000X3
5
 =37,500
  

 

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

  • Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
  • Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
  • Chapter No. 3 – Goodwill: Nature and Valuation
  • Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
  • Chapter No. 5 – Admission of a Partner
  • Chapter No. 6 – Retirement/Death of a Partner
  • Chapter No. 7 – Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

  • Chapter No. 1 – Financial Statements of a Company
  • Chapter No. 2 – Financial Statement Analysis 
  • Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
  • Chapter No. 4 – Accounting Ratios
  • Chapter No. 5 – Cash Flow Statement

 

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

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

Advertisement

Advertisement

error: Content is protected !!