Question 30 Chapter 5 - Unimax Class 12 Part 1 - 2021

Question 30 Chapter 5 – Unimax Class 12 Part 1 – 2021

Table of Contents

The solution of Question 30 Chapter 5 – Unimax Class 12 Part 1

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

30. P and Q are two partners sharing profits and losses in ratio of 3 : 2. Their books showed goodwill at Rs. 2,000. R 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. 3,000. Pass necessary journal entries.

The solution of Question 30 Chapter 5 – Unimax Class 12 Part 1

Journal

Date	Particulars		L.F.	Debit	Credit
	P’s Capital a/c	Dr.		1200
	Q’s Capital a/c	Dr.		800
	To Goodwill a/c				2000
	(Being old goodwill w/o by old partner’s in old ratio)
	Cash a/c	Dr.		10000
	To R’s Capital a/c				10000
	(Being capital introduced by new partner in the firm)
	R’s Capital a/c	Dr.		3000
	To P’s Capital a/c				1800
	To Q’s Capital a/c				1200
	(Being compensation paid by R to P and Q for his share of goodwill)

Working Note
If nothing has been mentioned in deed then partner will sacrifice in their old profit sharing ratio

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What is Partnership – Meaning and Its 4 Types

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

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

The solution of Question 30 Chapter 5 – Unimax Class 12 Part 1

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)

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