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

Question 13 Chapter 4 – Unimax Class 12 Part 1

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)