Question 57 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 57 Chapter 5 of +2- Part-
Q-57 - CH-5 - Usha +2 Book 2018 - Solution


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 Half the amount of goodwill was withdrawn by old partners.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.

We are providing a solution of Question 57 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:

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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 = Re 1

Share of profit acquired by C=1
Remaining share (Joint share of A and B)=11

Old Ratio = 2:1

Sun‘s new share=2x3
Moon‘s new share=1x3
 C’s share=1or1

New profit sharing ratio = 6 : 3 : 3

Calculation of old partner’s ratio :

Planet’s capital for1th capital is Rs. 50,000


Total Capital of the firm = 50,000X 4 = Rs. 2,00,000

2/4th of the Sun’s Capital ==2,00,000x2
 =Rs. 1,00,000  
1/4th of the Moon’s Capital ==2,00,000x1

Existing Capital of old partners :

Capital as per the statement=1,00,00075,000
Add: share of Planet’s goodwill 10,0005,000
Fewer withdrawals=5,0002,500
Existing capital of the firm=1,05,00077,500
Capital required the new firm=1,00,00050,000
Amount to be withdrawn=5,00027,500


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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

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



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