Question 15 Chapter 6 of +2-A - T.S. Grewal 12 Class Part

Question 15 Chapter 6 of +2-A

Table of Contents

The solution of Question 15 Chapter 6 of +2-A: –

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

Aparna, Manisha, and Sonia are partners sharing profits in the ratio of 3: 2: 1. Manisha retired and the goodwill of the firm is valued at 1,80,000. Aparna and Sonia decided to share future profits in the ratio of 3: 2. Pass necessary Journal entries.

The solution of Question 15 Chapter 6 of +2-A: –

Date	Particulars		L.F.	Debit	Credit
	Aparna’s Capital A/c	Dr		18,000
	Sonia’s Capital A/c	Dr		42,000
	To Manisha’s Capital A/c				60,000
	(Being share of Manisha’s goodwill adjusted)

Working Note: –

Old Ratio of Aparna, Manisha, and Sonia = 3: 2: 1
Manisha retires from the firm

New Ratio of Aparna and Sonia = 3: 2

Calculation of Gaining Ratio: –

Gaining Ratio = New Ratio – Old Ratio

Aparna’s gaining Share	=	3	–	3
Aparna’s gaining Share	=	5	–	6

	=	18	–	15
	=	30

	=	3
	=	30

Sonia’s Gaining Share	=	2	–	1
Sonia’s Gaining Share	=	5	–	6

	=	12	–	5
	=	30

	=	7
	=	30

Firm’s Share of Goodwill = 1,80,000

Manisha’s Share of Goodwill = Firm’s Goodwill X Manisha’s Shares

Manisha’s Share of Goodwill	=	1,80,000	X	1
Manisha’s Share of Goodwill	=	1,80,000	X	3

	=	60,000

Gaining Ratio of Aparna and Sonia = 3:7

Aparna’ gain	=	Manisha’s Goodwill	X	Gaining share of Aparna
	=	60,000	X	3
	=	60,000	X	10

	=	18,000

Sonia’ gain	=	Manisha’s Goodwill	X	Gaining share of Sonia
	=	60,000	X	7
	=	60,000	X	10

	=	42,000

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

Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
Chapter No. 3 – Goodwill: Nature and Valuation
Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
Chapter No. 5 – Admission of a Partner
Chapter No. 6 – Retirement/Death of a Partner
Chapter No. 7 – Dissolution of a Partnership Firm

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

Chapter No. 8 – Company Accounts – Accounting for Share Capital
Chapter No. 9 – Company Accounts – Issue of Debentures
Chapter No. 10 – Redemption of Debentures

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

Chapter No. 1 – Financial Statements of a Company
Chapter No. 2 – Financial Statement Analysis
Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
Chapter No. 4 – Accounting Ratios
Chapter No. 5 – Cash Flow Statement

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