Retirement Of a Partner- One Shot Class 12th Accounts Part-1 Revision Series скачать в хорошем качестве

Retirement Of a Partner- One Shot Class 12th Accounts Part-1 Revision Series

Retirement Of a Partner- One Shot Class 12th Accounts Part-1 Revision Series Q. 1 Srishti, Nitya and Anand were partners in a firm sharing profits and losses in the ratio of 3: 2: 1. Srishti retired from the firm selling her share of profits to Nitya and Anand in the ratio of 2: 1. The new profit- sharing ratio between Nitya and Anand will be (a) 3:2. (c) 2:1. (b) 17:11. (d) 19:11. Q.2 A, B and Care partners sharing profits and losses in the ratio of 4:3: 2. C retires from the business. A takes 4/9 of C's share and balance is taken by B. Calculate the new profit-sharing ratio and gaining ratio. [Ans.: (a) Gaining Ratio of W, X and Z-0:1:1. Q.3 Murli, Naveen and Omprakash are partners sharing profits in the ratio of 3/8, 1/2 and 1/8. Murli retires and surrenders 2/3rd of his share in favour of Naveen and remaining share in favour of Omprakash. Calculate new profit-sharing ratio and gaining ratio of the remaining partners. (NCERT) [Ans.: New Profit-sharing Ratio-3: 1; Gaining Ratio-2:1.] Q.4 A, B and Care partners sharing profits in the ratio of 4/9: 3/9: 2/9. B retires and his capital after making adjustments for reserves and gain (profit) on revaluation stands at 1,39,200. A and C agreed to pay him 1,50,000 in full settlement of his claim. Record necessary Journal entry for adjustment of goodwill if the new profit-sharing ratio is decided at 5: 3. [Ans.: Hidden Goodwill (B's Share): 10,800; Gaining Ratio-13:11; Dr. A's Capital A/c by 5,850 and C's Capital A/c by 4,950; Cr. B's Capital A/c by 10,800.] Q.5 X, Y and Z were in partnership sharing profits in proportion to their capitals. Their Balance Sheet as on 31st March, 2018 was as follows: Liabilities Sundry Creditors Workmen's Compensation Fund General Reserve Capitals: X Y 60,000 Z ₹ 30,000 1,80,000 2,11,600 Assets ₹ 15,000Namaste 16,600 Cash 9,000 6,000 Debtors 21,000 Less: Provision for Doubtful Debts (1,400) 90,000 19,600 Stock 19,000 Machinery 58,000 Building 2,11,600 On the above date, Y retired owing to ill health. The following adjustments were agreed upon for calculation of amount due to Y: (a) Provision for Doubtful Debts to be increased to 10% of Debtors. (b) Goodwill of the firm be valued at 36,000 and be adjusted into the Capital Accounts of X and Z, who will share profits in future in the ratio of 3: 1. (c) Included in the value of Sundry Creditors was 2,500 for an outstanding legal claim, which will not arise. (d) Xand Zalso decided that the total capital of the new firm will be 1,20,000 in their profit-sharing ratio. Actual cash to be brought in or to be paid off as the case may be. (e) Y to be paid 9,000 immediately and balance to be transferred to his Loan Account.