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Question 37 Chapter 5 of +2-Part-1
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37. (Comprehensive) A, B and C are partners in 3 : 2: 1 ratio. They admitted D and the new ratio is 4: 4:1 1. D will bring capital 1,25,000. The goodwill is valued at Rs. 1,00,000 Record the entries in journal in the following cases:
(a) Goodwill is brought in cash by new partner.
(b) Goodwill is brought in cash by new partner and goodwill already appears at Rs. 37,500.
(c) Goodwill is brought in cash by new partners and it is withdrawn
(d) Goodwill is brought in cash new partner Rs. 7,500.by A and C.
(e) Goodwill is brought in cash by new partner Rs. 7,500 and goodwill exists Rs. 50,000.Goodwill is not brought in cash.
(g) Goodwill is brought in cash and goodwill exist in books Rs. 1,50,000.
(h) Goodwill is brought in the form of equipment of Rs. 5,000 but valued at Rs. 7,500 by the firm.
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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. 37 from the flowing video by using time stamps of the video.
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The solution of Question 37 Chapter 5 of +2 Part-1: –
| Journal | |||||
| Date | Particulars | L.F. | Debit | Credit | |
| a) | Cash A/c | Dr. | 1,25,000 | ||
| To D’s Capital A/c | 1,25,000 | ||||
| (Being cash brought in by D as a Capital) | |||||
| i) | Cash A/c | Dr. | 1000 | ||
| To Premium for Goodwill A/c | 1,000 | ||||
| (Being share of goodwill brought by D in cash) | |||||
| ii) | Premium for Goodwill A/c | Dr. | 10,000 | ||
| B’s Capital A/c (1,00,000 X 1/15) | Dr. | 6,667 | |||
| To A’s Capital A/c | 10,000 | ||||
| To C’s Capital A/c | 6,667 | ||||
| (Being sacrificing partner compensated by new partner & partner B in their sacrificing ratio i.e. 3 : 2) | |||||
| b) | Entry 2 (i) and (ii) and the following entries | ||||
| A’s Capital A/c | Dr. | 18,750 | |||
| B’s Capital A/c | Dr. | 12,500 | |||
| C’s Capital A/c | Dr. | 6,250 | |||
| To Goodwill A/c | 37,500 | ||||
| (Being goodwill written off) | |||||
| c) | Entry 2 (i) and (ii) and the following entries | ||||
| A’s Capital A/c | Dr. | 6,000 | |||
| C’s Capital A/c | Dr. | 4,000 | |||
| To Cash A/c | 10,000 | ||||
| (Being goodwill withdrawn by A and C) | |||||
| d) | Cash A/c | Dr. | 7,500 | ||
| D’s Current A/c | Dr. | 2,500 | |||
| To Premium for Goodwill A/c | 10,000 | ||||
| (Being goodwill brought in by D ₹ 7,500 in cash and balance is adjusted through his current A/c) | |||||
| ii) | Premium A/c | Dr. | 10,000 | ||
| B’s Capital A/c | Dr. | 6,667 | |||
| To A’s Capital A/c | 10,000 | ||||
| To C’s Capital A/c | 6,667 | ||||
| (Being goodwill brought of D and B’s share given to A and C sacrifice ratio) | |||||
| e) | Entry D (i) and (ii) and the following entries | ||||
| A’s Capital A/c | Dr. | 25,000 | |||
| B’s Capital A/c | Dr. | 16,667 | |||
| C’s Capital A/c | Dr. | 8,333 | |||
| To goodwill A/c | 50,000 | ||||
| (Being goodwill written off) | |||||
| f) | D’s Current A/c | Dr. | 10,000 | ||
| B’s Capital A/c | Dr. | 6,667 | |||
| To A’s Capital A/c | 10,000 | ||||
| To C’s Capital A/c | 6,667 | ||||
| (Being goodwill not brought in cash by D adjusted through D’s current a/c and B’s Capital A/c | |||||
| g) | Entry 2 (i) and (ii) and the following entries | ||||
| A’s Capital A/c | Dr. | 75,000 | |||
| B’s Capital A/c | Dr. | 50,000 | |||
| C’s Capital A/c | Dr. | 25,000 | |||
| To goodwill A/c | 1,50,000 | ||||
| (Being goodwill written off) | |||||
| h) | Equipment A/c | Dr. | 7,500 | ||
| D’s Current A/c | Dr. | 2,500 | |||
| To Premium for Goodwill A/c | 10,000 | ||||
| (Being goodwill brought in D ₹ 7,500 in equipment and balance ₹ 2,500 adjusted through his current A/c) | |||||
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Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
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Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)
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)
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Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- 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)
Check out Part 2 of both books.
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1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication