Question 23 Chapter 6 of +2- Part

Question 23 Chapter 6 of +2-Part-1

23. (Comprehensive) A , B and C are partners sharing profits in the ratio of 4 : 3 : 1. B retires selling his share of profit to A and C for Rs. 8,100. Rs. 3,600 being paid by A and Rs. 4,500 being paid by C. The profit for the year after B’s retirement was Rs. 10,500. Distribute the above profit between A and C (in accordance with the above arrangement) showing how you arrive at the same and pass the necessary journal entry (if any) to record the above.

The solution of Question 23 Chapter 6 of +2 Part-1: –

Calculation of new profit sharing ratio :
Total amount to be paid to B = Rs 8,100

Amount payable by A=3,600x4Of the total amount
Thus A’s gain=4x3
 =1 Sacrifice
Amount payable by C=4,500x5Of the total amount
Thus C’s gain=5x3
A’s new share=4+4
C’s new share=5+1
A’s share in profit=10,500x2
 =Rs 7,000  
C’s share in profit=10,500x1
 =Rs 3,500  

Comment if you have any questions.

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 - Question 23 Chapter 6 of +2 Part-1 - USHA Publication 12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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