# Question 48 Chapter 5 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question No.48 Chapter No.5 - T.S. Grewal +2 Book 2019-Solution

Question 48 Chapter 5 of +2-A

48. Disha and Divya are partners in a firm sharing profits in the ratio of 3 : 2
respectively. The fixed capital of Disha is 4,80,000 and of Divya is 3,00,000. On 1st April, 2019 they admitted Hina as a new partner for 1/5th share in future profits. Hina brought 3,00,000 as her capital. Calculate value of goodwill of the firm and record necessary Journal entries on Hina’s admission.

## The solution of Question 48 Chapter 5 of +2-A: –

 Date Particulars L.F. Debit Credit Bank A/c Dr 3,00,000 To Hina’s Capital A/c 3,00,000 (Being share of capital brought by the Hina) Hina’s Capital A/c Dr 84,000 To Disha’s Capital A/c 50,400 To Divya’s Capital A/c 33,600 (Being Hina’s Share of Goodwill adjusted through current accounts)

Total Capital of the firm on the Basis of Hina’s Capital

Total Capital of the firm = Hina’s Capital  * Reciprocal of his share

 = 3,00,000 * 5 1 = 15,00,000

Total Firm’s Capital = Disha’s Capital + Divya’s Capital + Hina’s Capital

 = 4,80,000 + 3,00,000 + 3,00,000 = 10,80,000

 Goodwill = Total Capital of the firm on basis of Hina’s Capital -Actual Capital of Firm = 15,00,000 -10,80,000 = 4,20,000
 Hina’s Share of Goodwill = Firm’s Goodwill  x Share of Hina
 = 4,20,000 X 1 5 = 84,000

Sacrificing Ratio of Disha and Dviya = 3 : 2

 Disha will get Share of Goodwill = Hina’s Goodwill  X Sacrifice share of Disha
 = 84,000 X 3 5 = 50,400

 Dviya will get Share of Goodwill = Hina’s Goodwill  X Sacrifice share of Dviya
 = 84,000 X 2 5 = 33,600

### 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. 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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