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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Aparna, Manisha and Sonia are partners sharing profits in the ratio of 3 : 2 : 1. Manisha retired and goodwill of the firm is valued at ₹1,80,000. Aparna and Sonia decide to share future profits in the ratio of 3 : 2. Pass the necessary Journal entries.
Manisha’s share = ₹1,80,000 × 2/6 = ₹60,000. Gaining ratio: Aparna = 3/5 – 3/6 = 3/30; Sonia = 2/5 – 1/6 = 7/30 → 3 : 7.
JOURNAL
| Date | Particulars | L.F. | Dr. (₹) | Cr. (₹) |
|---|---|---|---|---|
| Aparna’s Capital A/c Dr. (60,000 × 3/10) | 18,000 | |||
| Sonia’s Capital A/c Dr. (60,000 × 7/10) | 42,000 | |||
| To Manisha’s Capital A/c | 60,000 | |||
| (Manisha’s share of goodwill adjusted in the gaining ratio 3 : 7) |
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 "T.S. Grewal Class 12 Chapter 5 Q.14 - Retirement of a Partner", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter 5 - Retirement of a Partner.
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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