Question 41 Chapter 6 - Unimax Class 12 Part 1 - 2021

Question 41 Chapter 6 – Unimax Class 12 Part 1 – 2021

Table of Contents

The solution of Question 41 Chapter 6 – Unimax Class 12 Part 1: –

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

41. X, Y and Z were partners in a firm sharing profits in the ratio of 5:3:2. On 15th February, 2021 X died and the new profit sharing ratio of Y and Z was equal . On X’s death the goodwill of the firm was valued at ₹ 50000.

Calculate the gaining ratio and pass necessary Journal entries on X’s death for the treatment of Goodwill without opening goodwill account.

The solution of Question 41 Chapter 6 – Unimax Class 12 Part 1: –

Journal Entry

Date	Particulars		L.F.	Debit	Credit

	Y‘s capital a/c	Dr.		10,000
	Z’s capital a/c	Dr.		15,000
	To X’s capital a/c				25,000
	(Being amount on account of Goodwill paid to decreased partnership).

WORKING NOTE:

Calculation of gaining ratio:Old ratio= 25000:20000:15000 =5:4:3

Y‘s gain = 1/2 – 3/10= 5/10-3/10=2/10
Z’s gain =1/2-2/10 =5/10-2/10 = 3/10
G.R. = 2:3
X’s shard of Goodwill =50000×5/10 = ₹25000

Retirement of a Partner – Explained with Illustration

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

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

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

The solution of Question 41 Chapter 6 – Unimax Class 12 Part 1: –

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

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