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Question 56 Chapter 5 of +2-Part-1
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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.
We are providing a solution of Question 56 Chapter 5 of +2 Part-1 in two formats. one is in Video format and another is in article format. Check out both formats as follows:
1. Check out the Solution of this question in Video Format:-
The video consists solution of question numbers from 55 to 57 Chapter no. 5 class 12 of Usha publication. To check the direct solution of question no. 56 from the following video by using time stamps of the video.
2. Check out the Solution of this question in Article Format:-
The solution of Question 56 Chapter 5 of +2 Part-1: –
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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 | – | 5 |
| 10 | ||||
| = | 4 | |||
| 10 |
| A‘s a new share | = | 2 | x | 4 |
| 3 | 5 | |||
| = | 8 | |||
| 15 |
| B‘s a new share | = | 1 | x | 4 |
| 3 | 5 | |||
| = | 4 | |||
| 15 |
| C’s share | = | 1 | or | 1 |
| 5 | 15 |
New profit sharing ratio = 8 : 4 : 3
Calculation of old partner’s ratio :
| If C’s | 1 | th capital is Rs. 60,000 |
| 5 |
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Total Capital of the firm = 60,000X 5 = Rs. 3,00,000
| 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 |
Fresh Capital to be brought in by A & B
| A | B | ||
| Capital required in the new firm | = | 1,60,000 | 80,000 |
| Existing capital of the firm | = | 60,000 | 40,000 |
| Fresh Capital to be brought | = | 1,00,000 | 40,000 |
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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
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