Advertisement
VDO+ Tag:Question 30 Chapter 5 of Class 12 Part – 1 Usha Publication
30. (Partner Partly brings the G/W) X, Y, and Z were partners sharing profits and losses as to X one-half: Y one-third; Z one-sixth. As from 1st January, they agreed to admit A into a partnership for a one-sixth share in profits and losses which he acquires equally from X and Y and he had to bring in Rs. 20,000 for his capital and Rs. 10,000 as a premium for goodwill. A paid in his capital money but in respect of premium for goodwill, he could bring in only Rs. 5,000.
You are required to:
Advertisement
Video Tag:- Give the journal entries to carry out the above arrangements,
- Work out the new profit-sharing ratio of partners.
The solution of Question 30 Chapter 5 of Class 12 Part – 1 Usha Publication: –
| Journal | |||||
| Date | Particulars |
L.F. | Debit | Credit | |
| 2019 | |||||
| i) | Cash A/c | Dr. | 25,000 | ||
| To A’s Capital A/c | 20,000 | ||||
| To Premium for Goodwill A/c | 5,000 | ||||
| (Being capital and premium brought In cash by A ) | |||||
| ii) | Premium A/c | Dr. | 5,000 | ||
| To X’s Capital A/c | 2,500 | ||||
| To Y’s Capital A/c | 2,500 | ||||
| (Being Premium for goodwill distributed among old partners in their sacrificing ratio) | |||||
| iii) | A’s Capital A/c | Dr. | 5,000 | ||
| To X’s Capital A/c | 2,500 | ||||
| To Y’s Capital A/c | 2,500 | ||||
| (Being premium for goodwill no brought in in cash by A adjusted through his current account) | |||||
Calculation of new profit sharing ratio
| Old ratio | = | 1 | : | 1 | : | 1 |
| 2 | 3 | 6 | ||||
| Or | = | 2 | : | 3 | : | 6 |
| New partner A’s share | = | 1 | which he acquired equally from X and Y |
| 6 |
New Share = Old share – sacrifice
| X’s new share | = | 3 | – | 1 |
| 6 | 2 | |||
| = | 6 – 1 | |||
| 12 | ||||
| = | 5 | |||
| 12 |
| Y’s new share | = | 2 | – | 1 |
| 6 | 2 | |||
| = | 4 – 1 | |||
| 12 | ||||
| = | 3 | |||
| 12 |
| Z’s new share | = | 1 | X | 2 |
| 6 | 2 | |||
| = | 2 | |||
| 12 | ||||
| = | 1 | X | 2 | |
| A’s New Share | 6 | 2 | ||
| = | 2 | |||
| 12 |
New profit Sharing Ratio = 5 : 3 : 2 : 2
Thanks, Please Like and share with your friends
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. 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.
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.
Download a PDF of Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership):
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)
Advertisement
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