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Question 11 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 11 Chapter 6 of +2- Part
Q-11 - CH-6 - Usha +2 Book 2018 - Solution

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Question 11 Chapter 6 of +2-Part-1

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11.(NPS/Gaining Ratio) X , Y and Z are sharing profit in the ratio of 9 : 7 : 4. Y retires. Amount due to Y on retirement on account of goodwill, was calculated to be Rs. 42,000.
Calculate new and gaining ratio if

  1. X contributes Rs. 24,000 and Z Rs.18,000 to payout Y.
  2. X contributes Rs. 12,000 and Z Rs. 30,000 to payout Y.

The solution of Question 11 Chapter 6 of +2 Part-1: –

Calculation of Gaining ratio

(a) Old profit sharing ratio of X , Y & Z=9:7:4
202020

Goodwill payable to Y = Rs 42,000

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Amount contributes by X & Z to Y on his retirement is Rs. 24,000 & Rs. 18,000
respectively , i.e. , in the ratio 4 : 3
Thus Y’s share has been bought by X & Y in the ratio 4 : 3 ‘ i.e. , gaining ratio
X’s New share = Old share + Gain

X’s New share = Old share + Gain=9+4of7
20720
       
 =9+4  
 2020  
       
 =13    
 20    
Z’s New share = Old share + Gain=4+3of7
20720
       
 =4+3  
 2020  
       
 =7    
 20    

Gaining ratio = 13 : 7

(b) Old profit sharing ratio of X , Y & Z=9:7:4
202020

Goodwill payable to Y =  Rs 42,000
Amount contributes by X & Z to Y on his retirement is Rs. 12,000 & Rs. 30,000
respectively , i.e. , in the ratio 2 : 5
Thus Y’s share has been bought by X & Y in the ratio 2: 5 ‘ i.e., gaining ratio

X’s New share = Old share + Gain=9+2of7
20720
       
 =9+2  
 2020  
       
 =11    
 20    
Z’s New share = Old share + Gain=4+5of7
20720
       
 =4+5  
 2020  
       
 =9    
 20    

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Gaining ratio = 11 : 9

Comment if you have any questions.


Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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