I think its because they wanted to get revenge on what they did for those two Soc chicks (Cherry and Valencia?). So Bob and his friends get revenge by dunking Ponyboy's head in the fountain. Johnny on the other hand was in no harm. He killed the Soc, Bob, the handsome Soc and the rest fled away. After Ponyboy was dunked, he looks over at poor Johnny, who's face was shed white, complete white, and he said, "I killed him." Ponyboy looks at Bob, the handsome Soc lying in a pool of dark liquid, now spreading quickly. Ponyboy recalls Johnny having a six inch blade in his back pocket, in case of an emergency. So he uses that knife to get rid of the Socs once in for all.
Then they go on their adventure, AFTER Darry slaps Ponyboy when he got home.