Question 48 Chapter 6 of +2-A
48. X, Y, and Z are partners sharing profits in the ratio of 5: 3: 7. X retired from the firm. Y and Z decided to share future profits in the ratio of 2 : 3. The adjusted Capital Accounts of Y and Z showed a balance of 49,500 and 1,05,750 respectively. The total amount to be paid to X is 1,35,750. This amount is to be paid by Y and Z in a manner that their capitals become
proportionate to their new profit-sharing ratio. Calculate the amount to be brought in or to be paid to partners.
The solution of Question 48 Chapter 6 of +2-A: –
Total Capital Before X retirement = 49,500 + 1,05,750 + 1,35,750
= 2,91,000
| Y’s New Capital | = | Total Capital Before X retirement | X | Z’s share |
| = | 2,91,000 | X | 2 | |
| 5 | ||||
| = | Rs 1,16,400 |
| Z’s New Capital | = | Total Capital Before X retirement | X | Z’s share |
| = | 2,91,000 | X | 3 | |
| 5 | ||||
| = | Rs 1,74,600 |
Calculation of Addition/withdrawal of Capital by the Y and Z
| Addition/withdrawal in/from Capital A/c | = | New Capital Amount | – | Balance of Capital Amount after all adjustments |
| Addition/withdrawal by Y’s in/from Capital A/c | = | 1,16,400 | – | 49,500 |
| = | 66,900/- |
| Addition/withdrawal by Y’s in/from Capital A/c | = | 1,74,600 | – | 1,05,750 |
| = | 68,850/- |
T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)
- Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
- Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
- Chapter No. 3 – Goodwill: Nature and Valuation
- Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
- Chapter No. 5 – Admission of a Partner
- Chapter No. 6 – Retirement/Death of a Partner
- Chapter No. 7 – Dissolution of a Partnership Firm
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 8 – Company Accounts – Accounting for Share Capital
- Chapter No. 9 – Company Accounts – Issue of Debentures
- Chapter No. 10 – Redemption of Debentures
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
- Chapter No. 4 – Accounting Ratios
- Chapter No. 5 – Cash Flow Statement
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