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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

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Question 36 Chapter 5 of +2-Part-1

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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.

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 capital 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 capital adjusted in sacrificing ratio
i.e. equall)
    
     

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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=4X10,000
1
 =Rs 2,500  

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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
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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