Question 50 Chapter 6 - Unimax Class 12 Part 1 - 2021

Question 50 Chapter 6 – Unimax Class 12 Part 1 – 2021

Table of Contents

The solution of Question 50 Chapter 6 – Unimax Class 12 Part 1: –

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

50. A, B ,C, D and E were partners sharing profits and losses in the ratio of 5:4:3:2:1. respectively. Partners D and E died in and accident. Goodwill of firm was valued at ₹ 150000. New profit sharing ratio of A, B & C in 4:6:5.

Give Journal entries to record the above.

The solution of Question 50 Chapter 6 – Unimax Class 12 Part 1: –

Journal

Date	Particular		L.F.	Debit	Credit

	B’s capital a/c	Dr.		20,000
	C’s capital a/c	Dr.		20,000
	To A’s capital a/c				10,000
	To D’s capital a/c				20,000
	To E’s capital a/c				10,000
	(Being compensation paid to sacrificing partners by gaining partners)