Question 32 Chapter 5 of +2- Part-

Question 32 Chapter 5 of +2-Part-1

32. (Goodwill is brought in-kind) P and Q are partners in a 3: 2 ratio. They agreed to admit R for 1/4th share. He paid Rs. 30,000 for capital, however for goodwill he gave stock Rs. 10,000 and furniture Rs. 5,000. Show entries in the journal.

The solution of Question 32 Chapter 5 of +2 Part-1: – 

Journal
DateParticulars
L.F.DebitCredit
2019     
i)Bank A/cDr. 30,000 
 Stock A/cDr. 10,000 
 Furniture A/cDr. 5,000 
 To R’s Capital A/c   45,000
 To Premium A/c    
 (Being assets brought in by R as his capital and premium)   
     
ii)Premium A/cDr. 15,000 
 To P’s Capital A/c   9,000
 To Q’s Capital A/c   6,000
 (Being R’s share of goodwill distributed in sacrificing ratio 3:2)    
     

Notes: Sacrificing ratio remains the same as the old ratio in observation of any specific information.

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

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