Question 34 Chapter 5 of +2- Part-

Question 34 Chapter 5 of +2-Part-1

34. (Goodwill is brought in kind) X, Y and Z were doing business in 3:2:1 ratio. A was admitted for 1/6th share which was given to him by X and Y equally. A gave stock Rs. 30,000; Debtors Rs. 10,000; Computer Rs. 20,000 on account of his capital and goodwill. Total value of goodwill was Rs. 48,000. Pass Journal entries.

The solution of Question 34 Chapter 5 of +2 Part-1: – 

i)Stock A/cDr. 30,000 
 Debtors A/cDr. 10,000 
 Office equipment A/cDr. 20,000 
 To A’s Capital A/c   52,000
 To Premium A/c   8,000
 (Being assets brought in by A as capital and goodwill )   
ii)Premium A/cDr. 8,000 
 To X’s Capital A/c   4,000
 To Y’s Capital A/c   4,000
 (Being 1/6 of goodwill of the firm charged from A’s capital account and distributed equally among X and Y)    

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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 34 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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