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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 fixed at Rs. 28,000 between X and Z in the proportion of 5/8th and 3/8th after passing entries in their accounts for adjustments. Amount to be paid or to be brought by the continuing partners is

Option 1: X debited by Rs 2,150, Z credited by Rs 1,350

Option 2: X credited by Rs 2,150 Z debited by Rs 1,350

Option 3: X debited by Rs 2,150 Z debited by Rs 1,350

Option 4: X credited Rs 2,150 and Y credited Rs 1,350


Team Careers360 2nd Jan, 2024
Answer (1)
Team Careers360 15th Jan, 2024

Correct Answer: X debited by Rs 2,150, Z credited by Rs 1,350


Solution : Answer = X debited by Rs 2150, Z credited by Rs 1350

Adjusted Capital of

X = 19650

Z = 9150

= 28800

Total Capital of New Firm

X= $28000\times\frac{5}{8} = 17500$

Z = $28000\times\frac{3}{8} = 10500$

X Z X Z
To Bank 2150 Bal. B/D 19650 9150
Bal. C/D 17500 10500 By Bank 1350
19650 10500 19650 10500

X's Capital A/c Dr 2150

To Bank - 2150

Bank A/c Dr 1350

To Z's Capital A/c 1350

Hence, the correct option is 1.

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