Question 15 Chapter 6 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 15 Chapter 6 of +2-A

Question 15 Chapter 6 of +2-A

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
5 6
         
  = 18 15
  30
         
  = 3    
  30    

 

Sonia’s Gaining Share = 2 1
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
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
10
         
  = 18,000    

 

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

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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2 Book 1 min - Question 15 Chapter 6 of +2-A - T.S. Grewal 12 Class Part - A Vol. 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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