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Accountancy · 2022 · 2 marks
Reconstitution of a Partnership Firm – Retirement/Death of a PartnerTreatment of Goodwill2 marksvery short answer
CBSE 2022 · Region 1 · Set 2 · Q3
A, B and C were partners in a firm sharing profits in the ratio of 6: 5: 4. On 31st March, 2021, A decided to retire from the firm. Goodwill of the…
A, B and C were partners in a firm sharing profits in the ratio of $\displaystyle 6$ : $\displaystyle 5$ : 4. On 31st March, $\displaystyle 2021$, A decided to retire from the firm. Goodwill of the firm on A's retirement was valued at ₹ $\displaystyle 90$,000. Pass necessary Journal Entry on A's retirement for the treatment of goodwill without opening goodwill account.
Marking-scheme solution
Journal
Date Particulars L.F Debit Credit
. Amount Amount
(₹) (₹)
B’s Capital A/c Dr. $\displaystyle 20,000$
C’s Capital A/c Dr. $\displaystyle 16,000$
To A’s Capital A/c $\displaystyle 36,000$
(A’s share of goodwill adjusted in
the capital accounts of B and C in
gaining ratio)
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CBSE Class 12 Accountancy past-paper question from the 2022 board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.