Question 59 Chapter 2 of +2-Part-1
59. (Distribution of profit in the capital ratio) A starts business on 1 April 2018 with Rs.20,000. B joins him on 1st July 2018 and contributes Rs.10,000 as his capital. Both of them further bring in Rs.6,000 each on 1st December 2018. During the year ended 31st March 2019, they earned a profit of Rs.56,700. Distribute the profit in capital ratio.
The solution of Question 59 Chapter 2 of +2 Part-1: –
| Calculation of Capital ratio: |
|||
| A | |||
| Date |
Capital (A) |
Months (B) |
Product (C=A*B) |
| 1-4-18 | 20,000 | 12 | 2,40,000 |
| 1-12-18 | 6,000 | 4 | 24,000 |
| 2,64,000 | |||
| Calculation of Capital ratio: |
|||
| B | |||
| Date |
Capital (A) |
Months (B) |
Product (C=A*B) |
| 1-7-18 | 10,000 | 9 | 90,000 |
| 1-12-18 | 6,000 | 4 | 24,000 |
| 1,14,000 | |||
Capital ratio : 264: 114 or 44:19
Working Note: –
1. Calculation of Share of Profit
| A’s Share in Profit | = | 56,700 | X | 44 |
| 63 | ||||
| = | 39,600/- | |||
| B’s share in profits | = | 56,700 | X | 19 |
| 63 | ||||
| = | 17,100/- | |||
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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)
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Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
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Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
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- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
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- 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)
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