# Question 37 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

Q-37. - CH-2 - Usha +2 Book 2018 - Solution

Question 37 Chapter 5 of +2-Part-1

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(c) Goodwill is brought in cash by new partners and it is withdrawn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 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 D brings capital) i) Cash A/c Dr. 1000 To Premium A/c 1,000 (Being C’s share of capital adjusted in sacrificing ratioi.e. equall) ii) Premium 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 partners compensated by new partner and B in 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 Cash A/c 37,500 (Being goodwill written off) c) Entry 2 (i) and (ii) and the following entries A’s Capital A/c Dr. 10,000 C’s Capital A/c Dr. 6,667 To Cash A/c 16,667 (Being goodwill withdrawn by A and C) d) Cash A/c Dr. 7,500 D’s Capital A/c Dr. 2,500 To Premium A/c 10,000 (Being goodwill brought in by D Rs. 7,500 and balance is adjusted from capital) 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 Capital 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 adjusted from D’s capital and B’s capital) 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 Capital A/c Dr. 2,500 To Premium A/c 10,000 (Being goodwill brought in by D Rs. 7,500 in equipment and balance Rs. 2,500 adjusted from capital)

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