Question 13 Chapter 4 - Unimax Class 12 Part 1 - 2021

Question 13 Chapter 4 - Unimax Class 12 Part 1

13. E, F and G are partners sharing Profits in 7 : 6 : 5. Their fixed Capitals are Rs. 70000, Rs. 40000 and Rs. 80000 respectively. It has been now decided that the total Capital of the firm should be Rs. 360000 and should be in the Profit Sharing Ratio of partners. Calculate the amount of Capital to be contributed by individual partners and record necessary journal entry for the same.

The solution of Question 13 Chapter 4 - Unimax Class 12 Part 1

Journal

Date	Particulars		L.F.	Debit	Credit
	Bank a/c	Dr.		170000
	To E’s Capital A/c				70000
	To F’s Capital A/c				80000
	To G’s Capital A/c				20000
	(Being further capitals introduced by Partners)

Working Note :
1. Calculation of amount of further capital to be introduced by Partners
Total amount of Capital fixed by Partners : Rs. 360000
Profit Sharing ratio of E, F & G : 7 : 6 : 5.

	E	F	G
New Capital as per	140000	120000	100000
Profit Sharing Ratio	(360000 X 7/18)	(360000 X 6/18)	(360000 X 5/18)
Less Existing Capital	70000	40000	80000
Capital introduced	70000	80000	20000

 

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T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

• Chapter No. 1 - Financial Statement of Not-For-Profit Organisations
• Chapter No. 2 - Accounting for Partnership Firms - Fundamentals
• Chapter No. 3 - Goodwill: Nature and Valuation
• Chapter No. 4 - Change in Profit-Sharing Ratio Among the Existing Partners
• Chapter No. 5 - Admission of a Partner
• Chapter No. 6 - Retirement/Death of a Partner
• Chapter No. 7 - Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 8 - Company Accounts -  Accounting for Share Capital
• Chapter No. 9 - Company Accounts - Issue of Debentures
• Chapter No. 10 - Redemption of Debentures

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 1 - Financial Statements of a Company
• Chapter No. 2 - Financial Statement Analysis 
• Chapter No. 3 - Tools of Financial Statement Analysis - Comparative Statements and Common- Size Statements
• Chapter No. 4 - Accounting Ratios
• Chapter No. 5 - Cash Flow Statement

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication