Question : X, Y and Z are partners sharing profits in the ratio of 5: 3: 7. X retired from the firm. Y and Z decided to share future profits in the ratio of 2: 3. The adjusted Capital Accounts of Y and Z showed a balance of Rs. 49,500 and Rs. 1,05,750 respectively. The total amount to be paid to X is Rs .1,35,750. This amount is to be paid by Y and Z in a manner that their capital becomes proportionate to their new profit-sharing ratio. The amount to be brought or to be paid to partners will be
Option 1: Y bring Rs 66,000 and Z bring Rs 68,000
Option 2: Y bring Rs 66,900 and Z bring Rs 68,850
Option 3: Y withdrew Rs 66,900 and Z bring Rs 68,850
Option 4: Y bring Rs 66,900 and Z withdrew Rs 68,850
Correct Answer: Y bring Rs 66,900 and Z bring Rs 68,850
Solution : Answer = Y bring Rs 66,900 and Z bring Rs 68,850
Adjusted Capital of Y = 49500
Adjusted Capital of Z = 105750
Amount Paid to X = 1,35,750
Total Capital of the New Firm = 2,91,000
Y's share = $2,91,000\times\frac{2}{5} = 1,16400$
Z's share = $2,91,000\times\frac{3}{5} = 1,74,600$
Bank A/c Dr 66900
To Y's Capital A/c 66900
Bank A/c Dr 68850
To Z's Capital A/c 68850 Hence, the correct option is 2.
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
Question : X, Y and Z were partners sharing profits and losses in the ratio of 4: 3: 2. Y retired on 1st April, 2020. On that date capitals of X, Y and Z after all adjustments stood at Rs. 19,650; Rs. 19,800 and Rs. 9,150 respectively. Total capital of the firm as newly constituted is
Question : X, Y and Z were in partnership sharing profits and losses in the ratio 3: 2: 1. Z retired from the firm on 1st April, 2016. After adjustments, his Capital Account shows a credit balance of Rs. 1,00,000 on the date of retirement. Z is to be paid in four equal annual instalments
Question : X, Y and Z were in partnership sharing profits and losses in the ratio 3: 2: 1. Z retired from the firm on 1st April, 2016. After adjustments, his Capital Account shows a credit balance of Rs.1,00,000 on the date of retirement. Z is to be paid in four equal annual instalments
Question : X, Y and Z were in partnership sharing profits and losses in the ratio 3: 2: 1 . Z retired from the firm on 1st April, 2016. After adjustments, his Capital Account shows a credit balance of Rs.1,00,000 on the date of retirement. Z is to be paid in four equal annual instalments
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile