Question 34 Chapter 5 of Class 12 Part – 1 Usha Publication
34. (Goodwill is brought in kind) X, Y and Z were doing business in 3:2:1 ratio. A was admitted for 1/6th share which was given to him by X and Y equally. A gave stock Rs. 30,000; Debtors Rs. 10,000; Computer Rs. 20,000 on account of his capital and goodwill. Total value of goodwill was Rs. 48,000. Pass Journal entries.
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The video consists solution of question numbers from 33 to 35 Chapter no. 5 class 12 of Usha publication. To check the direct solution of question no. 34 from the flowing video by using time stamps of the video.
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The solution of Question 34 Chapter 5 of Class 12 Part – 1 Usha Publication: –
| Journal | |||||
| Date | Particulars |
L.F. | Debit | Credit | |
| i) | Stock A/c | Dr. | 30,000 | ||
| Debtors A/c | Dr. | 10,000 | |||
| Office equipment A/c | Dr. | 20,000 | |||
| To A’s Capital A/c | 52,000 | ||||
| To Premium A/c | 8,000 | ||||
| (Being assets brought in by A as capital and goodwill ) | |||||
| ii) | Premium A/c | Dr. | 8,000 | ||
| To X’s Capital A/c | 4,000 | ||||
| To Y’s Capital A/c | 4,000 | ||||
| (Being Premium for goodwill distributed for sacrificing partners in sacrificing ratio i.e. 1:1) | |||||
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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