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

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

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

Free Accounting book Solution - Class 11 and Class 12

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

 

What is Partnership – Meaning and its 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)

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

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

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