Question 56 Chapter 5 of +2-Part-1
56. (Adjustment of Capital) A and B are in partnership sharing profit and loss in a 2: 1 ratio.1 They admit C for share. C brings Rs.60,000 as his capital. The capital accounts of A and B after all adjustments were Rs.60,000 and Rs. 40,000 respectively. It was decided to adjust to the capital of A and B on the basis of the proportion of C’s capital to his share in the business. Calculate the amount paid or brought in by old partners.
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The solution of Question 56 Chapter 5 of +2 Part-1: –
Calculation of new profit share ratio
Assuming total profits of the firm = Re 1
| Share of profit acquired by C | = | 1 |
| 5 |
| Remaining share (Joint share of A and B) | = | 1 | – | 1 |
| 5 | ||||
| = | 4 | |||
| 10 |
| A‘s a new share | = | 4 | x | 2 |
| 5 | 3 | |||
| = | 8 | |||
| 15 |
| B‘s a new share | = | 4 | x | 1 |
| 5 | 3 | |||
| = | 4 | |||
| 15 |
| C’s share | = | 1 | or | 3 |
| 5 | 15 |
New profit sharing ratio = 8 : 4 : 3
Calculation of Total Capital of the firm on the basis of C’s capital
= New partner capital X Reverse share of New Partner
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| If C’s | 1 | th capital is Rs. 60,000 |
| 5 |
Total Capital of the firm = 60,000X 5 = Rs. 3,00,000
Calculation of new profit share ratio
| A‘s capital in new firm | = | 3,00,000 | x | 8 |
| 15 | ||||
| = | Rs. 1,60,000 |
| B‘s capital in new firm | = | 3,00,000 | x | 4 |
| 15 | ||||
| = | Rs. 80,000 |
Adjuted Capital of A = ₹ 60,000*
Adjuted Capital of B = ₹ 40,000*
*Calculate deficiency or surplus = New capital – Adjusted capital
A‘s deficiency or surplus = ₹ 1,60,000 – ₹ 60,000 = ₹ 1,00,000
B‘s deficiency or surplus = ₹ 80,000 – ₹ 40,000 = ₹ 40,000
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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)
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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
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication