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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:-
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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 | |||||
| Date | Particulars |
L.F. | Debit | Credit | |
| i) | Cash A/c | Dr. | 8,000 | ||
| To C’s Capital A/c | 8,000 | ||||
| (Being cash brought by C as capital ) | |||||
| ii) | C’s capital A/c | Dr. | 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) |
|||||
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 | = | 4 | X | 8,000 |
| 1 | ||||
| = | Rs 32,000 | |||
| Hidden Goodwill = Rs.(32,000-22,000) | ||||
| = | Rs. 10,000 |
| C’s share of Goodwill | = | 4 | X | 10,000 |
| 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
- Chapter No. 1 – Accounting Not for Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Introduction)
- Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
- Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
- Chapter No. 8 – Company Accounts (Share Capital)
- Chapter No. 9 – Company Accounts (Issue of Debentures)
- Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
