Question 70 Chapter 5 of Class 12 Part – 1 Usha Publication
70. Hina and Neeraj were partners in a firm sharing profits in the ratio of 3 : 2. Their capitals were ₹ 80,000 and ₹ 50,000 respectively. They admitted Seema in the firm on 1st January, 2014 as a new partner for 1/5 share in the future profits. Seema brought ₹ 60,000 as her capital. Calculate the value of goodwill of the firm and record necessary journal entries on Seema’s admission.
The solution of Question 70 Chapter 5 of Class 12 Part – 1 Usha Publication: –
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| Journal | |||||
| Date | Particulars |
L.F. | Debit | Credit | |
| i) | Cash A/c | Dr. | 60,000 | ||
| To Seema’s Capital A/c | 60,000 | ||||
| (Being cash brought in by Seema as her capital) | |||||
| ii) | Seema’s Current A/c | Dr. | 22,000 | ||
| To Hina’s Capital A/c | 13,200 | ||||
| To Neeraj’s Capital A/c | 8,800 | ||||
| (Being Seema’s share of goodwill transferred to sacrificing partners in their sacrificing ratio) | |||||
Calculation of amount of Goodwill:-
(i) Total Capital of New Firm of the basis of Seema’s Capital:-
= Seema’s Capital X Reverse Share of Seema
| = | ₹ 60,000 | x | 5 | |
| 1 | ||||
| = | ₹ 3,00,000 |
(ii) Calculation of Combined Capital of All Partners in New Firm :-
= Hina’s Capital + Neeraj’s Capital + Seema’s Capital
= ₹ 80,000 + ₹ 50,000 + ₹ 60,000
= ₹ 1,90,000
Calculation of total amount of goodwill:-
= Total Capital of firm – Combined capital of partners
= ₹ 3,00,000 + ₹ 1,90,000
= ₹ 1,10,000
Calculation of Seema’s Share of Goodwill:-
= Total Goodwill of Firm X Seema’s Share
| = | ₹ 1,10,000 | x | 1 | |
| 5 | ||||
| = | ₹ 22,000 |
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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