# Question 30 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

Q-30. - CH-2 - Usha +2 Book 2018 - Solution

Question 30 Chapter 5 of +2-Part-1

30. (Partner Partly brings the G/W) X, Y, and Z were partners sharing profits and losses as to X one-half: Y one-third; Z one-sixth. As from 1st January, they agreed to admit A into a partnership for a one-sixth share in profits and losses which he acquires equally from X and Y and he had to bring in Rs. 20,000 for his capital and Rs. 10,000 as a premium for goodwill. A paid in his capital money but in respect of premium for goodwill, he could bring in only Rs. 5,000.
You are required to:

1. Give the journal entries to carry out the above arrangements,
2. Work out the new profit-sharing ratio of partners.

## The solution of Question 30 Chapter 5 of +2 Part-1: –

 Journal Date Particulars L.F. Debit Credit 2019 i) Cash A/c Dr. 25,000 To A’s Capital A/c 20,000 To Premium A/c 5,000 (Being capital and premium brought In cash by A ) ii) Premium A/c Dr. 5,000 To X’s Capital A/c 2,500 To Y’s Capital A/c 2,500 (Being goodwill distributed in Cash by A to X and Y sacrificing ratio)i.e. equal) iii) A’s Capital A/c Dr. 5,000 To X’s Capital A/c 2,500 To Y’s Capital A/c 2,500 (Being goodwill not brought by A adjusted in capital account in sacrificing ratio)

Calculation of new profit sharing ratio

 Old ratio = 1 : 1 : 1 2 3 6 Or = 2 : 3 : 6
 New partner A’s share = 1 which he acquired equally from X and Y 6

New Share = Old share – sacrifice

 X’s new share = 3 – 1 6 2 Of 1 i.e 1 6 12 = 6 – 1 12 = 5 12
 Y’s new share = 2 – 1 6 2 Of 1 i.e 1 6 12 = 4 – 1 12 = 3 12
 Z’s new share = 1 6 Or 2 12 = 1 A’s New Share 6 = 12 12

New profit Sharing Ratio = 5 : 3 : 2 : 2