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Question 12 Chapter 4 of Class 12 Part – 1 Usha Publication
12. (Different Cases) A B and C are partners in 2:2:1 ratio. They admitted D into the firm for 1/5 share. They had Rs.60,000 in profit and loss account. Record the necessary journal entries in the books of the firm under the following circumstances:
(a) When the profit and loss account is closed:
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Profit & Loss a/c | Dr. | 60,000 | |||
| To A’s Capital A/c | 24,000 | ||||
| To B’s Capital A/c | 24,000 | ||||
| To C’s Capital A/c | 12,000 | ||||
| (Being profit distributed in 2:2:1 ratio) | |||||
(b) When profit and loss account is not closed and only adjustment entry is passed.
| Distribution of profit and general reserve or reconstitution of partnership | ||||
| Particulars |
A | B | C | D |
|---|---|---|---|---|
| Share in Profit in old ratio 2:2:1 | 24000 | 24000 | 12000 | - |
| Share in Profit in new ratio 8:8:4:5 | (Cr.)19,200 | (Cr.)19,200 | (Cr.)9,600 | (Cr.)12,000 |
| Adjustment | (Cr.)4,800 | (Cr.)4,800 | (Cr.)2,400 | (Cr.)12,000 |
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| D’s Capital A/c | Dr. | 12,000 | |||
| To A’s Capital A/c | 4,800 | ||||
| To B’s Capital A/c | 4,800 | ||||
| To C’s Capital A/c | 2,400 | ||||
| (Being adjustment entry passed) | |||||
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Economics Educator
Mrs. Dilgeerjot Kaur holds a B.Com and M.Com degree and has over 9 years of teaching experience in microeconomics, macroeconomics, and business economics.
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