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

Question 30 Chapter 5 of +2- Part-
Q-30. - CH-2 - Usha +2 Book 2018 - Solution

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Question 30 Chapter 5 of +2-Part-1

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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
DateParticulars
L.F.DebitCredit
2019     
i)Cash A/cDr. 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/cDr. 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/cDr. 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
236
       
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=31
62
     
 Of1i.e1
 612
     
 =6 – 1  
 12  
 =5  
 12  
Y’s new share=21
62
     
 Of1i.e1
 612
     
 =4 – 1  
 12  
 =3  
 12  
Z’s new share=1 
6
   
 Or2  
 12 
     
 =1  
A’s New Share6  
 =12  
 12  

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

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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
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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