# Question 7 Chapter 4 of Class 12 Part – 1 Usha Publication

Question 7 Chapter 4 of Class 12 Part – 1 Usha Publication

7. (Profit and loss account not closed) X and Y are partners in 4:1 ratio. They had Rs.40,000 in profit and loss a/c. Their future ratio will be 2:3. They decided not to close the profit and loss account. You are required to pass necessary adjustment entry.

## The solution of Question 7 Chapter 4 of Class 12 Part – 1 Usha Publication: –

Day - 62 | Solution of Questions Reconstitution of firm Chapter No. 4 | Accounts class 12 | PSEB |

 Journal Date Particulars L.F. Debit Credit Y’s Capital A/c Dr. 16,000 To X’s Capital A/c 16,000 (Being profit and loss adjusted through capital A/c)

Working Notes: –

 Old Ratio of X and Y = 4: 1 New Ratio of X and Y, = 2 : 3

Calculate the Sacrificing or Gaining Ratio of Partners
Sacrificing or Gaining Ratio = Old Ratio – New Ratio

 X’s Sacrificing/Gaining Share = 4 – 2 5 5
 = 4 – 2 5
 = 2 (Sacrifice) 5
 Y’s Sacrificing/Gaining Share = 1 – 3 5 5
 = 1 – 3 5
 = -2 (Gain) 5

 Amount of profit & loss Credited to X’s Capital = 40,000 X 2 5 = 16,000
 Amount of profit & loss debited to Y’s Capital = 40,000 X 2 5 = 16,000

Comment if you have any questions.

Comment if you have any questions.

End of Solution

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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)

## 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