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Question 39 Chapter 5 – Unimax Class 12 Part 1 – 2021
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39. Varun and Nishant are partners in a firm sharing profits in the ratio of 3 : 1. They admit Jatin for 1/4th share. Jatin will bring Rs. 50000 as his capital and only Rs. 10000 for goodwill. The goodwill of the firm is valued at Rs. 60000. Pass necessary journal entries.
The solution of Question 39 Chapter 5 – Unimax Class 12 Part 1
Journal
| Date | Particulars | L.F. | Debit | Credit | |
| Cash a/c | Dr. | 60,000 | |||
| To Jatin’s Capital a/c | 50,000 | ||||
| To Premium a/c | 10,000 | ||||
| (Being goodwill and capital brought in cash by new partner) | |||||
| Premium a/c | Dr. | 10,000 | |||
| Jatin’s Capital a/c | 5,000 | ||||
| To Varun’s Capital a/c | 11,250 | ||||
| To Nishant’s Capital a/c | 3,750 | ||||
| (Being compensation paid and goodwill credited to old partners capital a/c) |
Working Note
Let total profit = 1
Jatin’s Share =1/4
Remaining Share = 1 -1/4 =4-1/4 =3/4
Varun’s new share =1/4 X 3/4
=9/16
Nishant’s new share =1/4 X 3/4
=3/16
V’s Sacrifice =3/4_9/16 =3/16
N’s Sacrifice =1/4_3/16 =1/16
So S.R. =3/16:1/16
= 3 : 1
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What is Partnership – Meaning and Its 4 Types
T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)
- Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
- Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
- Chapter No. 3 – Goodwill: Nature and Valuation
- Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
- Chapter No. 5 – Admission of a Partner
- Chapter No. 6 – Retirement/Death of a Partner
- Chapter No. 7 – Dissolution of a Partnership Firm
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 8 – Company Accounts – Accounting for Share Capital
- Chapter No. 9 – Company Accounts – Issue of Debentures
- Chapter No. 10 – Redemption of Debentures
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
- Chapter No. 4 – Accounting Ratios
- Chapter No. 5 – Cash Flow Statement
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