DK Goel Solutions Q 40 Chapter 3 Admission of a Partner Class 12 CBSE [2023-24]
Step-by-step solution of Question 40, Chapter 3 Admission of a Partner, DK Goel Class 12 Accountancy 2023-24 for the CBSE Board.
Question 40
P, Q and R share profits in the ratio of 5 : 3 : 2. S was admitted into partnership. S brings in ₹ 30,000 as his capital. S is entitled for 1/5th share in profits which he acquires equally from P, Q and R. Goodwill of the firm is to be valued at three years’ purchase of last four years’ average profits. The profits of the last four years’ are ₹ 32,000, ₹ 38,000, ₹ 35,000 and ₹ 31,000 respectively. S cannot bring goodwill in cash. Goodwill already appears in the books at ₹ 50,000. Give Journal entries.
Solution
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About this solution
This is Chapter 3 Admission of a Partner of DK Goel For 2024 Examinations.
Written by Vijay Adarsh, teaching commerce since 2003 to Class 11, Class 12, B.Com, CA, CS and CMA students.
We have solved all the practical questions in this book and explained them Step by Step in detail with clear working notes.
Also, we have followed the proper format and workings which are required as per CBSE Guidelines. Just follow our presentation of solutions and score good marks in the Accountancy Board Exam.
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