Question 11 Chapter 6 of Class 12 Part – 1 Usha Publication
11.(NPS/Gaining Ratio) X , Y and Z are sharing profit in the ratio of 9 : 7 : 4. Y retires. Amount due to Y on retirement on account of goodwill, was calculated to be Rs. 42,000.
Calculate new and gaining ratio if
- X contributes Rs. 24,000 and Z Rs.18,000 to payout Y.
- X contributes Rs. 12,000 and Z Rs. 30,000 to payout Y.
The solution of Question 11 Chapter 6 of Class 12 Part – 1 Usha Publication: –
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Calculation of Gaining ratio
| (a) Old profit sharing ratio of X , Y & Z | = | 9 | : | 7 | : | 4 |
| 20 | 20 | 20 |
Goodwill payable to Y = Rs 42,000
Amount contributes by X & Z to Y on his retirement is Rs. 24,000 & Rs. 18,000
respectively , i.e. , in the ratio 4 : 3
Thus Y’s share has been bought by X & Y in the ratio 4 : 3 ‘ i.e. , gaining ratio
X’s New share = Old share + Gain
| X’s New share = Old share + (Y’s Share X Gaining Share of X) | = | 9 | + | 7 | X | 4 |
| 20 | 20 | 7 | ||||
| = | 9 | + | 4 | |||
| 20 | 20 | |||||
| = | 13 | |||||
| 20 |
| Z’s New share = Old share + (Y’s Share x Z’s Gain) | = | 4 | + | 7 | X | 3 |
| 20 | 20 | 7 | ||||
| = | 4 | + | 3 | |||
| 20 | 20 | |||||
| = | 7 | |||||
| 20 |
New Profit Sharing ratio = 13 : 7
| (b) Old profit sharing ratio of X, Y & Z | = | 9 | : | 7 | : | 4 |
| 20 | 20 | 20 |
Amount contributes by X & Z to Y on his retirement is ₹ 12,000 and ₹ 30,000 respectively
Gaining Ratio of X and Z = ₹ 12,000 : ₹ 30,000
Gaining Ratio = 2 : 5
Goodwill payable to Y = Rs 42,000
Thus Y’s share has been bought by X & Y in the ratio 2: 5 ‘ i.e., gaining ratio
| X’s New share = Old share + (Y’s Share X Gaining Share of X) | = | 9 | + | 7 | X | 2 |
| 20 | 20 | 7 | ||||
| = | 9 | + | 2 | |||
| 20 | 20 | |||||
| = | 11 | |||||
| 20 |
| Z’s New share = Old share + (Y’s Share x Gaining Share of Z) | = | 4 | + | 7 | X | 5 |
| 20 | 20 | 7 | ||||
| = | 4 | + | 5 | |||
| 20 | 20 | |||||
| = | 9 | |||||
| 20 |
New Profit Sharing ratio of X and Z = 11 : 9
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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)
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