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 | = | 3,600 | x | 4 | Of the total amount |
9 |
Thus A’s gain | = | 3 | x | 4 |
8 | 9 | |||
= | 12 | |||
72 |
Amount payable by C | = | 4,500 | x | 5 | Of the total amount |
9 |
Thus C’s gain | = | 3 | x | 5 |
8 | 9 | |||
= | 15 | |||
72 |
A’s new share | = | 4 | + | 12 |
8 | 72 | |||
= | 48 | |||
72 |
C’s new share | = | 1 | + | 15 |
8 | 72 | |||
= | 24 | |||
72 |
A’s share in profit | = | 10,500 | x | 2 |
3 | ||||
= | Rs 7,000 |
C’s share in profit | = | 10,500 | x | 1 |
3 | ||||
= | Rs 3,500 |
Journal |
|||||
Date | Particulars |
L.F. | Debit | Credit | |
a) | Profit & Loss Appropriation A/c | Dr. | 10,500 | ||
To A’s capital A/c | 7,000 | ||||
To C’s capital A/c | 3,500 | ||||
(Being profit during the year distributed among partners in new profit sharing ratio i.e., 2 : 1) | |||||
Comment if you have any questions.
End of Solution
Check Out the Solution of all questions of this chapter:
The solution to all questions of Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner) Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.
Question 33 Chapter 6 of +2 Part- 1 – USHA Publication
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Question 44 Chapter 6 of +2 Part-1 – USHA Publication
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Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)
Chapter No. 2 – Partnership Accounts – I (Introduction)
Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
Check out Part 2 of both books.
In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 2, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 2 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.
1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
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2. Advanced Accountancy Part 2 Class 12 by Unimax Publication
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