Advertisement

Question 36 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 36 Chapter 5 of +2- Part-
Q-36. - CH-2 - Usha +2 Book 2018 - Solution

Advertisement

Question 36 Chapter 5 of +2-Part-1

Advertisement

36. (Hidden Goodwill) A and B are partners with capitals of Rs. 8,000 and Rs. 6,000 respectively. They admit C as a partner with 1/4th share in the profit of the firm. C brings Rs. 8,000 as his share of capital. Give journal entries to record goodwill.

We are providing a solution of Question 36 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 36 to 38 Chapter no. 5 class 12 of Usha publication. To check the direct solution of question no. 36 from the following video by using time stamps of the video.

Day - 84 | Solution of Questions Admission of a Partner | Chapter No. 5 | Accounts class 12 | PSEB |

Advertisement-X

2. Check out the Solution of this question in Article Format:-

The solution of Question 36 Chapter 5 of +2 Part-1: – 

Journal
DateParticulars
L.F.DebitCredit
      
i)Cash A/cDr. 8,000 
 To C’s Capital A/c   8,000
 (Being cash brought by C as capital )   
     
ii)C’s Current A/cDr. 2,500 
 To A’s Capital A/c   1,250
 To B’s Capital A/c   1,250
 (Being C’s share of Goodwill adjusted in sacrificing ratio i.e. equall)    
     

Working notes:

Calculation of hidden Goodwill: Total capital of the firm after C’s admission:
Rs.(8000+6000+8000)= Rs. 22,000

Firm’s capital taking C’s capital as a base=4X8,000
1
 =Rs 32,000  
     
Hidden Goodwill = Rs.(32,000-22,000)    
 =Rs. 10,000  
C’s share of Goodwill=1X10,000
4
 =Rs 2,500  

Thanks, Please Like and share with your friends  
Comment if you have any questions.

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

Advertisement-X

Advertisement-Y

Advertisement

error: Content is protected !!