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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Shweta, Meenu and Asha were partners sharing profits and losses in the ratio of 3 : 5 : 2. Meenu retired on 1st April, 2022. After making all adjustments relating to revaluation, goodwill and accumulated profits, the Capital Accounts of Shweta and Asha showed credit balances of ₹3,00,000 and ₹1,00,000 respectively. It was decided to adjust the capitals of Shweta and Asha in their new profit-sharing ratio. Pass the necessary Journal entries for bringing in or withdrawing the amounts involved. (CBSE 2023)
Total capital of Shweta and Asha = 3,00,000 + 1,00,000 = ₹4,00,000. New ratio (Shweta : Asha) = 3 : 2. New capitals: Shweta = 4,00,000 × 3/5 = ₹2,40,000; Asha = 4,00,000 × 2/5 = ₹1,60,000.
JOURNAL
| Date | Particulars | L.F. | Dr. (₹) | Cr. (₹) |
|---|---|---|---|---|
| Bank A/c Dr. | 60,000 | |||
| To Asha’s Capital A/c | 60,000 | |||
| (Asha brought in the amount needed to raise her capital from ₹1,00,000 to ₹1,60,000) | ||||
| Shweta’s Capital A/c Dr. | 60,000 | |||
| To Bank A/c | 60,000 | |||
| (Shweta withdrew the excess amount to reduce her capital from ₹3,00,000 to ₹2,40,000) |
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.46 - 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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