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Question 33 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 33 Chapter 5 of +2- Part-
Q-33. - CH-2 - Usha +2 Book 2018 - Solution

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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
DateParticulars
L.F.DebitCredit
      
iStock A/cDr. 25,000 
 To Komal’s Capital A/c   25,000
 (Being Komal brings capital in stock )    
      
iiKomal’s loan A/cDr. 10,000 
 To Premium A/c   10,000
 (Being premium due from Komal )    
      
iiiPremium A/cDr. 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/cDr. 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

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
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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