Question 62 Chapter 2 of +2-Part-1
62. (Capital ratio) Honest and Sincere are partners in a firm., having total capital of Rs.80,000 of which Rs.50,000 is of Honest and balance is of Sincere on 1st April 2017. As per the partnership deed they are to share profits in capital ratio. Honest brought in additional capital of Rs.15,000 and Rs.20,000 on 1st September 2017 and on 1st Jan.2018, respectively. Sincere introduced Rs.5,000 and Rs.6,000 on 1st December 2017 and 31st March 2018 respectively. Calculate capital ration. The profit for the year ended 31st March 2018 was Rs.68,700.
The solution of Question 62 Chapter 2 of +2 Part-1: –
| Calculation of Capital ratio: |
|||
| Honest | |||
| Date |
Capital (A) |
Months (B) |
Actual Capital Employed (C=A*B) |
| 1-4-17 | 50,000 | 5 | 2,50,000 |
| 1-9-17 | 65,000 | 4 | 2,60,000 |
| 1-1-18 | 85,000 | 3 | 2,55,000 |
| 7,65,000 | |||
| Calculation of Capital ratio: |
|||
| Sincere | |||
| Date |
Capital (A) |
Months (B) |
Actual Capital Employed (C=A*B) |
| 1-4-17 | 30,000 | 8 | 2,40,000 |
| 1-12-17 | 35,000 | 4 | 1,40,000 |
| 31-3-18 | 41,000 | 0 | – |
| 3,80,000 | |||
Capital ratio : 7,65,000: 3,80,000 or 765:380 or 153:76
| Honest | = | 68,700 | X | 153 |
| 229 | ||||
| = | 45,900/- | |||
| Sincere | = | 68,700 | X | 76 |
| 229 | ||||
| = | 22,800/- | |||
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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)
Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
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Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
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)
- 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)
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