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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

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Question 57 Chapter 5 of +2-Part-1

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 Half the amount of goodwill was withdrawn by old partners.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

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. 57 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 57 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
4
Remaining share (Joint share of A and B) = 1 1
4
         
  = 3    
  4    

Old Ratio = 2:1

Sun‘s new share = 2 x 3
3 4
         
  = 6    
  12    

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Moon‘s new share = 1 x 3
3 4
         
  = 3    
  12    
 C’s share = 1 or 1
5 15

New profit sharing ratio = 6 : 3 : 3

Calculation of old partner’s ratio :

Planet’s capital for 1 th capital is Rs. 50,000
4

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

2/4th of the Sun’s Capital = = 2,00,000 x 2
4
         
  = Rs. 1,00,000    
1/4th of the Moon’s Capital = = 2,00,000 x 1
4
         
  = 50000    

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Existing 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 = 5,000 2,500
Existing 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

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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

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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