[NCERT] Q 18 Admission of Partner Solutions Class 12

Solution of question number 18 Admission of Partner NCERT Accountancy solutions Class 12 CBSE Board.

Verma and Sharma are partners in a firm sharing profits and losses in the ratio of 5 : 3. They admitted Ghosh as a new partner for 1/5 share of profits. Ghosh is to bring in rs. 20,000 as capital and Rs. 4,000 as his share of goodwill premium. Give the necessary journal entries:

a) When the amount of goodwill is retained in the business.

b) When the amount of goodwill is fully withdrawn

c) When 50% of the amount of goodwill is withdrawn.

d) When goodwill is paid privately.

Solution:-

Case (d)

When goodwill is paid privately, no entry is passed in the books of the accounts.

Below are the solutions

S.N	Solutions
1	Question – 1
2	Question – 2
3	Question – 3
4	Question – 4
5	Question – 5
6	Question – 6
7	Question – 7
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18	Question – 18
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