Q.No.64 | Chapter 6 – Retirement/Death of a Partner | T.S. Grewal 12 Class Book Keeping Part - A - Vol. 1

 

The solution of Question 64 Chapter 6 of +2-A: -

 

Date	Particulars		L.F.	Debit	Credit
	Z’s Capital A/c	Dr.		75,000
	To Y’s Capital A/c				75,000
	(Being Adjustment of Y’s share of Goodwill)
	Z’s Capital A/c	Dr.		23,438
	To Y’s Capital A/c				23,438
	(Being Adjustment of Y’s share of Profit)

 

Working Notes:
Calculation of Gaining Ratio

Y :Z=4:3:1(Old ratio)
X :Z=1:1(New ratio)
Gaining Ratio = New Ratio - Old Ratio

X's Gain	=	1	-	4
		2		8
	=	4	-	4
		8
	=	0
		8

 

Z’s Gain	=	1	-	1
		2		8
	=	4	-	1
		8
	=	3
		8

Y's share of goodwill=4,00,000×38×12=Rs 75,000Y's share of goodwill will be brought by Z only

 

Calculation of Retiring Partner’s Share of Profit

=	75,000	X	3	X	10
			8		12
=	Rs 23,438

 

 

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