13.56
Q. 17. Pass Journal entries for the following transactions :
1. Discharged our acceptance to Ghanshyam & Co. for 35,000 by a cheque of
1,500 and a new bill for the balance plus interest 100.
2. Our acceptance to Kanshi Ram & Sons for 3,000 renewed for 3 months with
interest at 18% p.a.
3. Before the due date of the bill for 6,000, Gopal pays us *2,000 in cash and
endorsed to us a bill of his for 1,500 and we drew on him a fresh bill for the balance
plus 120 for interest and received acceptance from him.
4. Our own acceptance to X for 4,000 dishonoured this day due to omission of
necessary instructions to our bankers to pay. X claimed 4,050 including charges,
which we paid by cheque.
Answers
Answer:
JOURNAL
1. Cash a/c.... Dr. 2000
To Premium for Goodwill a/c 2000
(Being premium for goodwill brought in by D)
2. Premium for Goodwill a/c..... Dr. 2000
To B's Capital a/c 1200
To C's Capital a/c 800
(Being premium brought in by D distributed among the partners in the ratio of 3:2)
Working note:
Distribution of goodwill:
B's share= 3/5 * 2000 = 1200
C's share= 2/5 * 2000= 800
(b) JOURNAL
1. Cash a/c........ Dr. 2100
To Premium for Goodwill a/c 2100
(Being premium for goodwill brought in by D)
2. Premium for Goodwill a/c..... Dr. 2100
To B's Capital a/c 1400
To C's Capital a/c 700
(Being premium brought in by D distributed among the partners in the ratio of 2:1)
Working note:
1. Sacrificing ratio:
B's sacrifice= 1/6
C's sacrifice= 1/12
Ratio= 2:1
2. Distribution of goodwill:
B's share= 2/3 * 2100 = 1400
C's share= 1/3 * 2100 = 700
Answer