Question 24 Chapter 6 of Class 12 Part – 1 Usha Publication
24. (Goodwill does not exists) Ramesh, Suresh and Naresh were partners in a firm sharing profits in the ratio of 5: 3:2. Naresh retired and the new profit sharing ratio between Ramesh and Suresh was 2:3. On Naresh’s retirement, the goodwill of the firm was valued at Rs. 1,20,000 .Pass necessary journal entry for the treatment of goodwill on Naresh’s retirement, without raising goodwill account.
The solution of Question 24 Chapter 6 of Class 12 Part – 1 Usha Publication: –
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Total Goodwill of the firm (given ) = Rs 1,20,000
| Naresh’s share in total profit | = | 2 |
| 10 |
| Naresh share in goodwill | = | 1,20,000 | x | 2 |
| 10 | ||||
| = | Rs 24,000 |
Gaining ratio = New share – Old share
| Ramesh’s gain | = | 2 | – | 5 |
| 5 | 10 | |||
| = | (-1) | (sacrifice) | ||
| 10 |
| Suresh’s gain | = | 3 | – | 3 |
| 5 | 10 | |||
| = | 3 | (Gain) | ||
| 10 |
Because whole gain is to Suresh , he will pay for whole of the goodwill to Ramesh & Naresh
| Journal |
|||||
| Date | Particulars |
L.F. | Debit | Credit | |
| a) | Suresh’s capital A/c | Dr. | 36,000 | ||
| To Ramesh’s capital A/c | 12,000 | ||||
| To Naresh’s capital A/c | 24,000 | ||||
| (Being goodwill adjusted ) | |||||
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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)
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- 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