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

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

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

Free Accounting book Solution - Class 11 and Class 12

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

Date Particulars   L.F. Debit Credit
  Cash a/c Dr.   30,000  
      To Preamium a/c       30,000
  (Being goodwill brought by new partner in cash)        
  Premium a/c Dr.   30,000  
      To P’s Capital a/c       30,000
  (Being goodwill credited to old partner’s capital a/c in his sacrificing ratio)        
  Q’s Capital a/c Dr.   18000  
      To P’s Capital a/c       18000
  (Being compensation paid by Q to sacrificing partner)        

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 Types

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

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

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

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

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