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Solution For CHAPTER 1

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COMMERCIAL STUDIES -X Solutions CLASS-IX for CHAPTER 1

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Solution:

Journal
DateParticularsL.FDr. (₹)Cr. (₹)
Bank AccountDr.50,000
To Premium for Goodwill A/c

(A part of his share of goodwill/premium brought in by C)

50,000
Premium for Goodwill A/c

C’s Current A/c

Dr.

Dr.

50,000

40,000

To A’s Capital A/c60,000
To B’s Capital A/c

(Goodwill/premium credited to A and B in their sacrificing ratio, i.e, 2:1)

30,000

Question 2

A and B are partners sharing profits equally. They admit C into partnership, C paying only ₹60,000 for premium out of his share of a premium of ₹1,80,000 for a 1/4th share of profit. Goodwill account appears in the book at ₹3,00,000. Give the necessary journal entries.

Solution:

Journal Entry
DateParticularsL.FDr. (₹)Cr. (₹)
A’s Capital A/cDr.1,50,000
B’s Capital A/cDr.1,50,000
To Goodwill A/c

(The existing goodwill is written off)

3,00,000
Bank A/cDr.60,000
To Premium for Goodwill A/c

(A part of his share of goodwill/premium brought in by C)

60,000
The premium for Goodwill A/cDr.60,000
C’s Current A/cDr.48,000
To A’s Capital A/c54,000
To B’s Capital A/c

(The goodwill/premium credited to old partners in their sacrificing ratio i.e 1:1)

54,000


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