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Question 28 Chapter 4 of Class 12 Part – 1 - 2024
28. The Balance Sheet of R, S and T sharing profits and losses in the ratio of 3 : 2 : 1 as on 31st March, 2014 is as follows:
| Liabilities | Amount | Assets | Amount |
| Capital: | Goodwill | 60,000 | |
| R | 60,000 | Others Assets | 1,20,000 |
| S | 40,000 | ||
| T | 20,000 | ||
| Creditors | 40,000 | ||
| 1,60,000 | 1,60,000 |
From 1st April, 2014, they decide that profit-sharing ratio among them and their capitals Should be equal. The total capital of the firm is to remain ₹ 1,20,000. Any deficiency in capital of a partner is to be brought in cash and any surplus in capital of a partner is to be paid in cash.
Pass Journal entries to record the above.
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Journal
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| R’s Capital a/c | Dr. | 30,000 | |||
| S’s Capital a/c | Dr. | 20,000 | |||
| T’s Capital a/c | Dr. | 10,000 | |||
| To Goodwill a/c | 60,000 | ||||
| (Being goodwill already appeared in the books written off) | |||||
| Cash a/c | Dr. | 60,000 | |||
| To R’s Capital a/c | 10,000 | ||||
| To S’s Capital a/c | 20,000 | ||||
| To T’s Capital a/c | 30,000 | ||||
| (Being cash bought in by partners) | |||||
Working note :-
Calculate the New capital of the partners in new firm = Total capital of firm X Share of partners
| R’s Capital | = | 1 | X | ₹ 1,20,000 |
| 3 | ||||
| = | ₹ 40,000 | |||
| S’s Capital | = | 1 | X | ₹ 1,20,000 |
| 3 | ||||
| = | ₹ 40,000 | |||
| T’s Capital | = | 1 | X | ₹ 1,20,000 |
| 3 | ||||
| = | ₹ 40,000 | |||
| Particulars |
R | S | T |
|---|---|---|---|
| Adjusted Capital b/d | 60,000 | 40,000 | 20,000 |
| (-) Share goodwill already appeared in the books | 30,000 | 20,000 | 10,000 |
| 30,000 | 20,000 | 10,000 | |
Calculate the amount of cash bought in by partners/ paid to partners :-
| Particulars |
R | S | T |
|---|---|---|---|
| New capital | 40,000 | 40,000 | 40,000 |
| (-) Adjusted capital | 30,000 | 20,000 | 10,000 |
| Cash to be bought in | 10,000 | 20,000 | 30,000 |
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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