40 Views

Question : X, Y and Z are partners in a firm sharing profits in the ratio of 3: 2: 1. On 1 st April, 2009, retires from the firm .X and Z agree that the capital of the new firm shall be fixed at Rs. 2,10,000 in the profit-sharing ratio.The Capital Accounts of X and Z after all adjustments on the date of retirement showed balance of Rs. 1,45,000 and Rs. 63,000 respectively. the amount of actual cash to be brought in or to be paid to the partners will be

Option 1: Z debited Rs 10,500 and X credited by Rs 12,500

Option 2: Z debited Rs 10,500 and X debited by Rs 12,500

Option 3: Z credited by Rs 10,500 and xcredited by Rs 12,500

Option 4: Z debited by Rs 10,500 and Y credited by Rs 12,500


Team Careers360 12th Jan, 2024
Answer (1)
Team Careers360 13th Jan, 2024

Correct Answer: Z debited Rs 10,500 and X credited by Rs 12,500


Solution : Answer = Z debited Rs 10,500 and X credited by Rs 12,500

Total Capital of the New firm = 2,10,000

X's share = $2,10,000\times\frac{3}{4} = 1,57,500$

Z's share = $2,10,000\times\frac{1}{4} = 52,500$

Bank A/c Dr 12,500

To X's Capital - 12,500

(1,57,500 - 1,45,000)

Z's Capital A/c Dr 10500

To Bank 10500
Hence, the correct option is 1.

Related Questions

MAHE Manipal M.Tech 2025
Apply
NAAC A++ Accredited | Accorded institution of Eminence by Govt. of India | NIRF Rank #4
Amity University, Noida Law A...
Apply
700+ Campus placements at top national and global law firms, corporates, and judiciaries
Amity University Noida B.Tech...
Apply
Among Top 30 National Universities for Engineering (NIRF 2024) | 30+ Specializations | AI Powered Learning & State-of-the-Art Facilities
Chandigarh University Admissi...
Apply
Ranked #1 Among all Private Indian Universities in QS Asia Rankings 2025 | Scholarships worth 210 CR
VIT Chennai LLM Admissions 2025
Apply
VIT Chennai LLM Admissions Open 2025 | #1st in Private Law Institute by IIRF Ranking | Experienced Faculty | World Class Infrastructure
Amity University, Noida BBA A...
Apply
Ranked amongst top 3% universities globally (QS Rankings)
View All Application Forms

Download the Careers360 App on your Android phone

Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile

150M+ Students
30,000+ Colleges
500+ Exams
1500+ E-books