Question 57 Chapter 5 of +2-Part-1
57. (Capital to be adjusted on basis of NPS) Sun and Moon are partners in a firm sharing profits in 2:1 ratio with capital of Rs. 1,00,000 and Rs. 75,000 respectively. Planet was admitted for 1/4 share in profits. He brought capital Rs. 50,000 and goodwill Rs. 15,000. Half the amount of goodwill was withdrawn by old partners. The capital of the partners was to be arranged in profit sharing ratio on the basis of Planet’s capital and excess or deficit is to be adjusted in cash. Calculate the amount to paid or to be received from partners based on above arrangement.
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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. 57 from the following video by using time stamps of the video.
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The solution of Question 57 Chapter 5 of +2 Part-1: –
Calculation of new profit share ratio
Assuming total profits of the firm = 1
| Share of profit acquired by Planet | = | 1 |
| 4 |
| Remaining share (Joint share of Sun & Moon) | = | 1 | – | 1 |
| 4 | ||||
| = | 3 | |||
| 4 |
Old Ratio = 2:1
| Sun‘s new share | = | 3 | x | 2 |
| 4 | 3 | |||
| = | 6 | |||
| 12 |
| Moon‘s new share | = | 3 | x | 1 |
| 4 | 3 | |||
| = | 3 | |||
| 12 |
| C’s share | = | 1 | or | 3 |
| 4 | 12 |
New profit sharing ratio = 2 : 1 : 1
Calculation of Calculation of New Capital of all partners:
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Total Capital of Firm = Capital of new firm X Reverse share of new partner
| Planet’s capital for | 1 | th capital is Rs. 50,000 |
| 4 |
Total Capital of the firm = 50,000X 4 = Rs. 2,00,000
Calculation of New Capital of all partners
= Total capital of new firm X New share of partners
| Sun’s Capital = | = | 2,00,000 | x | 2 |
| 4 | ||||
| = | Rs. 1,00,000 |
| Moon’s Capital = | = | 2,00,000 | x | 1 |
| 4 | ||||
| = | 50000 |
Calculation of Adjusted capital of old partners
| Sun | Moon | ||
| Capital as per the statement | = | 1,00,000 | 75,000 |
| Add: share of Planet’s goodwill | 10,000 | 5,000 | |
| 1,10,000 | 80,000 | ||
| Fewer withdrawals of Goodwill | = | 5,000 | 2,500 |
| Adjusted capital of the firm | = | 1,05,000 | 77,500 |
| Capital required the new firm | = | 1,00,000 | 50,000 |
| Amount to be withdrawn | = | 5,000 | 27,500 |
Calculate deficiency or surplus = New capital – Adjusted capital
Sun‘s deficiency or surplus = ₹ 1,00,000 – ₹ 1,05,000 = ₹ 5,000 Surplus
B‘s deficiency or surplus = ₹ 50,000 – ₹ 77,500 = ₹ 27,500 Surplus
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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)
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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)
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