Question 29 Chapter 5 of Class 12 Part – 1 Usha Publication
29. (goodwill is partly paid privately and partly through books ) A and B are partners in 3:4 . Value of the firm’s goodwill is Rs. 56,000. C is admitted for 1/4th share . He brings capital Rs. 20,000. he paid Rs. Cash for goodwill privately and the balance of his share through the books of the firm . Pass the entries.
The solution of Question 29 Chapter 5 of Class 12 Part – 1 Usha Publication: –
Total goodwill = Rs. 56,000
| C’s share | = | 56,000 | x | 1 |
| 4 | ||||
| = | Rs 14,000 |
| Journal | |||||
| Date | Particulars |
L.F. | Debit | Credit | |
| i) | Cash A/c | Dr. | 31,000 | ||
| To Premium for Goodwill A/c | 11,000 | ||||
| To C’s Capital A/c | 20,000 | ||||
| (Being capital and Premium for Goodwill brought by C) | |||||
| ii) | Premium for Goodwill A/c | Dr. | 11,000 | ||
| To A’s Capital A/c | 6,286 | ||||
| To B’s Capital A/c | 4,714 | ||||
| (Being premium credited to old partners to capital a/c in their sacrificing ratio) | |||||
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End of Solution
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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.
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1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication