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Question 48 Chapter 6 of +2-A
48. X, Y, and Z are partners sharing profits in the ratio of 5: 3: 7. X retired from the firm. Y and Z decided to share future profits in the ratio of 2 : 3. The adjusted Capital Accounts of Y and Z showed a balance of 49,500 and 1,05,750 respectively. The total amount to be paid to X is 1,35,750. This amount is to be paid by Y and Z in a manner that their capitals become
proportionate to their new profit-sharing ratio. Calculate the amount to be brought in or to be paid to partners.
Total Capital Before X retirement = 49,500 + 1,05,750 + 1,35,750
= 2,91,000
| Y's New Capital | = | Total Capital Before X retirement | X | Z's share |
| = | 2,91,000 | X | 2 | |
| 5 | ||||
| = | Rs 1,16,400 |
| Z's New Capital | = | Total Capital Before X retirement | X | Z's share |
| = | 2,91,000 | X | 3 | |
| 5 | ||||
| = | Rs 1,74,600 |
Calculation of Addition/withdrawal of Capital by the Y and Z
| Addition/withdrawal in/from Capital A/c | = | New Capital Amount | - | Balance of Capital Amount after all adjustments |
| Addition/withdrawal by Y's in/from Capital A/c | = | 1,16,400 | - | 49,500 |
| = | 66,900/- |
| Addition/withdrawal by Y's in/from Capital A/c | = | 1,74,600 | - | 1,05,750 |
| = | 68,850/- |
T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "Q.No.48 | Chapter 6 – Retirement/Death of a Partner | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
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