Question : A, B and C were partners sharing profit and losses in the ratio of 7:3:2. From 1st April 2020 they decided to share profit and losses in the ratio of 8:4:3. Goodwill is Rs 2,40,000. In adjustment entry for goodwill
Option 1: Cr A by Rs 12,000, Dr B by Rs 4000 and Dr C by Rs 8,000
Option 2: Dr A by Rs 6000, Cr B by Rs 4000, Cr C by Rs 4000
Option 3: Cr A by Rs 12,000, Dr B by Rs 4000, Dr C by Rs 4,000
Option 4: Dr A by Rs 12,000, Cr B By Rs 8000 and Cr C by Rs 4,000
Correct Answer: Cr A by Rs 12,000, Dr B by Rs 4000 and Dr C by Rs 8,000
Solution : Answer = Cr A by Rs 12,000, Dr B by Rs 4,000 and Dr C by Rs 8,000
Sr = OR – NR
A = 7/12-8/15 = 3/60x 2,40,000 = 12000
B = 3/12- 4/15 = 15-16/60 = -1/60x 2,40,000 = 4000
C = 2/12- 3/15 = 10-12/60 = -2/60x 2,40,000 = 8000
B's Capital A/c Dr 4000
C's Capital A/c Dr 8000
To A's Capital A/c 12000 Hence, the correct option is 1.
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General Reserve Cr Rs
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