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Question 14 Chapter 4 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 14 Chapter 4 of +2- Part-
Q-14 - CH-4 - Usha +2 Book 2018 - Solution

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Question 14 Chapter 4 of +2-Part-1

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14. (Different Cases) A and B are partners in 2:1 ratio. They had Rs.10,000 in deferred advertisement account and Rs.11,000 in (Dr.) profit and loss account. Show the adjustment under the following cases when their new ratio is agreed to eb 3:2.

  1. When relevant accounts are closed.
  2. When relevant accounts are not closed.

The solution of Question 14 Chapter 4 of +2 Part-1: – 

(a) When relevant aaccounts are closed:

Journal
DateParticulars
L.F.DebitCredit
      
 A’s Capital A/c (21,000*2/3)Dr. 14,000 
 B’s Capital A/c (21,000*1/3)Dr. 7,000 
 To Deferred advertisement a/c   10,000
 To Profit & Loss a/c   11,000
 (Being deferred advertisement account and profit & loss a/c distributed in 2:1 ratio)   
     

(b) When relevant accounts are not closed:

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Old Ratio = 2 : 1
New Ratio = 3 : 2
Calculate the Sacrificing or Gaining Ratio of Partners
Sacrificing or Gaining Ratio = Old ratio – New ratio

A’s Share Sacrificing/Gaining=23
35
 =10 – 9
 15
 =1(Sacrificing)
 15

 

 

B’s Share Sacrificing/Gaining=32
35
 =5 – 6
 15
 =-1(Gain)
 15

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Calculation of amount to be debited and credited :

=(10,000= Rs.1,400
+11,000)*1/5

Journal
DateParticulars
L.F.DebitCredit
      
 A’s Capital A/cDr. 1,400 
 To B’s Capital A/c   1,400
 (Being adjustment entry passed)   
     

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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 Firms

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