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Question 23 Chapter 6 of +2-Part-1
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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 | = | 4 | x | 3 |
| 9 | 8 | |||
| = | 1 | Sacrifice | ||
| 6 |
| Amount payable by C | = | 4,500 | x | 5 | Of the total amount |
| 9 |
| Thus C’s gain | = | 5 | x | 3 |
| 9 | 9 | |||
| = | 5 | |||
| 24 |
| A’s new share | = | 4 | + | 4 |
| 24 | 8 | |||
| = | 2 | |||
| 3 |
| C’s new share | = | 5 | + | 1 |
| 24 | 8 | |||
| = | 1 | |||
| 3 |
| 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 |
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Also, Check out the solved question of previous Chapters: –
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
- Chapter No. 1 – Accounting Not for Profit Organisations
- 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)
- Chapter No. 8 – Company Accounts (Share Capital)
- Chapter No. 9 – Company Accounts (Issue of Debentures)
- Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
