Question 13 Chapter 4 – Unimax Class 12 Part 1 – 2021

Question 13 Chapter 4 - Unimax Class 12 Part 1 - 2021

Question 13 Chapter 4 – Unimax Class 12 Part 1

Free Accounting book Solution - Class 11 and Class 12

13. E, F and G are partners sharing Profits in 7 : 6 : 5. Their fixed Capitals are Rs. 70000, Rs. 40000 and Rs. 80000 respectively. It has been now decided that the total Capital of the firm should be Rs. 360000 and should be in the Profit Sharing Ratio of partners. Calculate the amount of Capital to be contributed by individual partners and record necessary journal entry for the same.

The solution of Question 13 Chapter 4 – Unimax Class 12 Part 1

Journal

Date Particulars   L.F. Debit Credit
  Bank a/c Dr.   170000  
      To E’s Capital A/c       70000
      To F’s Capital A/c       80000
      To G’s Capital A/c       20000
  (Being further capitals introduced by Partners)        

Working Note :
1. Calculation of amount of further capital to be introduced by Partners
Total amount of Capital fixed by Partners : Rs. 360000
Profit Sharing ratio of E, F & G : 7 : 6 : 5.

  E F G
New Capital as per 140000 120000 100000
Profit Sharing Ratio (360000 X 7/18) (360000 X 6/18) (360000 X 5/18)
Less Existing Capital 70000 40000 80000
Capital introduced 70000 80000 20000

 

What is Partnership – Meaning and its Types

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

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

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