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
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'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.
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 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
Question : A, B, C and D are partners sharing profits in the ratio of 1:4:3:2. D died on 15th December 2021 and the goodwill is valued at Rs.2,00,000. D's share of goodwill is to be adjusted into the capital accounts of A, B and C who decide to share future profits in the ratio
Question : P, Q and R are equal partners with fixed capitals of Rs. 5,00,000, Rs. 4,00,000 and Rs. 3,00,000, respectively. After closing the accounts for the year ending 31st March 2019. It was discovered that interest on capital @ 7% instead of 9% p.a. In the adjustment entry.
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile