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VDO+ Tag: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.
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Video Tag: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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The solution to all questions of Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the 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)
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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