# Question 52 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Q-52 - CH-6 - Usha +2 Book 2018 - Solution

Question 52 Chapter 6 of +2-Part-1

52. (Share of Goodwill) P, R, and S are in partnership sharing profits 4/8, 3/8and 1/8 respectively. It is provided under the partnership deed that on the death of any partner his share of goodwill is to be valued at one-half of the net profits credited to his account during the last four completed years (books of accounts are closed on 31st December).
R died on 1st January 2015 The firm’s profits for the last four years were as follows 2011 profits Rs. 1,20.000; 2012 profits Rs. 60,000, 2013 losses Rs. 20,000, 2014 profits Rs. 80,000.

1. Determine the amount that should be credited to R in respect of his share of goodwill.
2. Pass a journal entry without raising goodwill account for its adjustment assuming that profit sharing ratio between P and S in future will be 3:2 Show your workings clearly.

## The solution of Question 52 Chapter 6 of +2 Part-1: –

Day - 140 | Solution of Questions 52 to 54 Death of a Partner Chapter 6 Accounts class 12 PSEB

Calculation of amount to be credited to by way of goodwill

R’s share in goodwill being ½ of the net profits credited to his A/c during last 4 completed years.

 Year Profit 2011 1,20,000 2012 60,000 2013 (20,000) 2014 80,000 2,40,000
 R’s share in profit = 3 x 2,40,000 8 = Rs 90,000
 R’s share in Goodwill = 1 x 90,000 2 = Rs 45,000

If R is to be paid his goodwill without raising a goodwill A/c, then the debits should be given to the capital A/c of the surviving partners in their gaining ratio :

 P’s gain = 3 – 4 5 8 = 4 40
 S’s gain = 2 – 1 5 8 = 11 40

 Journal Date Particulars L.F. Debit Credit P’s capital A/c Dr. 12,000 S’s capital A/c Dr. 33,000 To R’s capital A/c 45,000 (Being R’s share of goodwill debited to surviving partners)

Comment if you have any questions.

End of Solution

## Check Out the Solution of all questions of this chapter:

The solution to all questions of Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.

Question 02 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 08 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 14 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 20 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 26 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 32 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 38 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 47 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 53 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 59 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Thanks for completing the chapter. If you understand the question or we have helped you with your homework, please share our website on your social media. We are delighted to help you out.

Thanks again.

End of Post

### Download a PDF of Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner):

If you want to download a PDF of this chapter then you can do it. Check out our PDF file on our Store page.

## Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum

Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.

Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)

Chapter No. 2 – Partnership Accounts – I (Introduction)

Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)

Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)

Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)

Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)

Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)

## Check out Part 2 of both books.

In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 2, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 2 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.

1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication

2. Advanced Accountancy Part 2 Class 12 by Unimax Publication