Question 33 Chapter 3 of Class 12 Part – 1 VK Publication

Question 33 Chapter 3 of Class 12 Part – 1

33. P and Q were partners in a firm sharing profits in the ratio of 3:1. With effect from 1st April,2017, they agreed to share profits in the ratio of 2:1. For this purpose, the Goodwill of the firm was valued at Rs. 50,000. General Reserves appear in the books at Rs. 40,000. Partner’s neither want to show goodwill in the books nor want to distribute the reserves. You are required to record the change by passing a single journal entry.

The solution of Question 33 Chapter 3 of Class 12 Part – 1: –

Journal Entry

Working Note:

Amount to be Adjusted:

Amount of compensation= 90,000 x 1/12 = Rs. 7,500

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Also, Check out the solved question of previous Chapters: –

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

• Chapter No. 1 – Accounting Not for Profit Organisations
• Chapter No. 2 – Partnership Accounts – I (Introduction)
• Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
• Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
• Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
• Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
• Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
• Chapter No. 8 – Company Accounts (Share Capital)
• Chapter No. 9 – Company Accounts (Issue of Debentures)
• Chapter No. 10 – Company Accounts (Redemption of Debentures)

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

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

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