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Question 33 Chapter 5 of +2-Part-1
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33. (Goodwill is brought in-kind) Manish and Satish are sharing profits in 4 : 3 ratio. Komal is admitted for 1/10th share. Komal gave stock Rs.30,000 valued at Rs. 25,000 for capital. But for the goodwill of his share of Rs. 10,000 his loan account carrying interest @12% p.a. was raised in the books. He, as per agreement paid his goodwill share after six months with interest. Pass journal entries.
We are providing a solution of Question 33 Chapter 5 of +2 Part-1 in two formats. one is in Video format and another is in article format. Check out both formats as follows:
1. Check out the Solution of this question in Video Format:-
The video consists solution of question numbers from 33 to 35 Chapter no. 5 class 12 of Usha publication. To check the direct solution of question no. 33 from the flowing video by using time stamps of the video.
2. Check out the Solution of this question in Article Format:-
The solution of Question 33 Chapter 5 of +2 Part-1: –
Journal | |||||
Date | Particulars | L.F. | Debit | Credit | |
i | Stock A/c | Dr. | 25,000 | ||
To Komal’s Capital A/c | 25,000 | ||||
(Being Komal brings capital in stock ) | |||||
ii | Komal’s loan A/c | Dr. | 10,000 | ||
To Premium A/c | 10,000 | ||||
(Being premium due from Komal ) | |||||
iii | Premium A/c | Dr. | 10,000 | ||
To Manish’s Capital A/c | 5,714 | ||||
To Satish’s Capital A/c | 4,286 | ||||
(Being goodwill credited to old partners in 4:3) | |||||
After six months | Bank A/c | Dr. | 10,600 | ||
To Komal’s loan A/c | 10,000 | ||||
To interest on loan A/c | 600 | ||||
(Being loan received along with the interest for six months @ 12% p.a.) | |||||
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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
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
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