Question 33 Chapter 5 of +2- Part-

Question 33 Chapter 5 of +2-Part-1

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.

The solution of Question 33 Chapter 5 of +2 Part-1: – 

Journal
DateParticulars
L.F.DebitCredit
2019     
 Stock A/cDr. 25,000 
 To Komal’s Capital A/c   25,000
 (Being Komal brings capital in stock )    
      
 Komal’s loan A/cDr. 10,000 
 To Premium A/c   10,000
 (Being premium due from Komal )    
      
 Premium 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 - Question 33 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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