Question 33 Chapter 5 – Unimax Class 12 Part 1 – 2021

Question 33 Chapter 5 – Unimax Class 12 Part 1 – 2021

33. P and Q share profits in the ratio of 3 : 2. R is admitted as a new partner with 1/6th share. P and Q will in future get 2/6th and 3/6th share of profits respectively. R pays Rs. 30,000 as goodwill. Pass necessary journal entries.

The solution of Question 33 Chapter 5 – Unimax Class 12 Part 1

Journal

Working Note :
Old PSR = 3 : 2
New PSR =2/6: 3/6: 1/6: = 2 : 3 : 1
P’s Sacrifice =3/5_2/6 =18-10/30 =8/30
Q’s Sacrifice =3/5_3/6
               =12-15/30 =-3/30
Total goodwill of firm = 30,000 X 6/1
                = Rs. 1,80,000
Compensation paid by Q = 3/30 X 1,80,000
                                        = Rs. 18,000

What is Partnership – Meaning and Its 4 Types

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

• Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
• Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
• Chapter No. 3 – Goodwill: Nature and Valuation
• Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
• Chapter No. 5 – Admission of a Partner
• Chapter No. 6 – Retirement/Death of a Partner
• Chapter No. 7 – Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 8 – Company Accounts –  Accounting for Share Capital
• Chapter No. 9 – Company Accounts – Issue of Debentures
• Chapter No. 10 – Redemption of Debentures

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

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

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication