Solution for Retirement of a Partner
•
1 like•7,152 views
Solution for Retirement & Death chapter of T.S Grewal 2014 Partnership for class 12th CBSE.
Recommended
More Related Content
Recently uploaded
Recently uploaded (20)
Featured
Featured (20)
Solution for Retirement of a Partner
- 1. Q1 Q2 Q3(a) Q4 Q5 Q6 Q7 Q8 Q9 Q10 Q11 Q12 Q13 Q14 Q15 Q16 Q17 Q18 Q19 Q20 Q21 Q22 Q23 Q24 Q25 Q26 Q27 Q28 Q29 Q30 Q31 Q32 Q33 Q34 Q35 Q36 Q37 Q38 Q39 Q40 Q41 Q42 Q43 Q44 Q45 Q46 Q47 Q48 Q49 Q50 Q51 Q52 Q53 Q54 Q55 Q56 Q57 Q58 Q59 Q60 Q61 Q62 Q63 03:57:13
- 2. Old Ratio A B C 1/2 2/5 1/10 1/2 2/5 1/105/5 2/2 1/1X X X 5/10 4/10 1/10 5 4 1 The Question is silent about future P.S.R after retirement of C. So new ratio between old partners will be same as it existed between themselves . New Ratio 5 4 So the gaining ratio between A & B will also be same as there new ratio. Gaining Ratio 5 4 Note: But the share of gain for A & B will be 5/9 4/9 X 1/101/10 www.RomeshSirOnline.wordpress.com Que. Index Q1. 4/905/90 X 03:57:13
- 3. Old Share RAM Mohan Sohan 1/5 1/3 7/15 1/5 1/3 7/153/3 5/5 1/1X X X 3/15 5/15 7/15 3 5 7 Sohan’s Share was taken up by Ram & Mohan in the ratio of 3:2. Gaining Share 3/5 2/5 New Ratio 36 39 Gaining Ratio will be 21:14 www.RomeshSirOnline.wordpress.com Q2. 7/15X 7/15X 21/75 14/75 New Share Old Share + Gaining Share= Old Ratio = 1/5 1/3+ +21/75 14/75 = 36/75 39/75 12:13Or Que. Index 03:57:13
- 4. Shiv Mohan Hari 5 5 4 Mohan’s Share was taken up by Shiv & Hari in the ratio of 1:1. Gaining Share 1/2 1/2 New Ratio 15 13 Gaining Ratio will be 1:1 www.RomeshSirOnline.wordpress.com Q3 (a). 5/14X 5/14X 5/28 5/28 New Share Old Share + Gaining Share= Old Ratio = 5/14 4/14+ +5/28 5/28 = 15/28 13/28 Que. Index 03:57:13
- 10. Seeta Geeta Meeta 7 6 7 Geeta’s Share was taken up by Seeta & Meeta in the ratio of 1:1. Gaining Share 1/2 1/2 New Ratio 20 20 Gaining Ratio will be 1:1 www.RomeshSirOnline.wordpress.com Que. Index Q10 Q20 Chapter index Q7 6/20X 6/20X 6/40 6/40 New Share Old Share + Gaining Share= Old Ratio = 7/20 7/20+ +6/40 6/40 = 20/40 20/40 1 1 03:57:13
- 15. Q11 www.RomeshSirOnline.wordpress.com Que. Index Particulars LF Debit Credit L's Capital A/c Dr. 13,000 O's Capital A/c Dr. 11,000 To M's Capital A/c 24,000 03:57:13
- 16. L M O 4 3 2 M retires from the firm New Ratio 5 3 Gaining Ratio will be 13:11 www.RomeshSirOnline.wordpress.com Q11. WN 1. Gaining Share New Share - Old Share= Old Ratio = 5/8 13/72 - 11/72 = 13 11 4/9 = 3/8 - 2/9 72 72 9x5 8x4- -9x3 8x2 = = = =Gaining Share Gaining Ratio Que. Index 03:57:13
- 18. Q12 www.RomeshSirOnline.wordpress.com Que. Index Particulars LF Debit Credit R's Capital A/c Dr. 10,000 To Q's Capital A/c 10,000 03:57:13
- 19. P Q R 2 1 1 Q retires from the firm New Ratio 1 1 Only R Gains, therefore only R’s Account will be debited for goodwill credited to Q www.RomeshSirOnline.wordpress.com Q 12.WN 1. Gaining Share New Share - Old Share= Old Ratio = 1/2 0 - 1/4 2/4 = 1/2 - 1/4 4 4 2x1 1x2- -2x1 1x1 = = = =Gaining Share Que. Index 03:57:13
- 20. Q13 www.RomeshSirOnline.wordpress.com Que. Index Particulars LF Debit Credit A's Capital A/c Dr. 1,950 C's Capital A/c Dr. 1,650 To B's Capital A/c 3,600 03:57:13
- 21. A B C 4 3 2 B retires from the firm New Ratio 5 3 Gaining Ratio will be 13:11 www.RomeshSirOnline.wordpress.com Q13. WN 1. Gaining Share New Share - Old Share= Old Ratio = 5/8 13/72 - 11/72 = 13 11 4/9 = 3/8 - 2/9 72 72 9x5 8x4- -9x3 8x2 = = = =Gaining Share Gaining Ratio Que. Index 03:57:13
- 22. Q13. W.N. 1 www.RomeshSirOnline.wordpress.com Que. Index 03:57:13
- 23. Q14. www.RomeshSirOnline.wordpress.com Que. Index Particulars LF Debit Credit A's Capital A/c Dr. 15,000 C's Capital A/c Dr. 15,000 To B's Capital A/c 30,000 03:57:13
- 24. A B C 3 2 1 B retires from the firm New Ratio 2 1 Gaining Ratio will be 1:1 www.RomeshSirOnline.wordpress.com Q14. WN 1. Gaining Share New Share - Old Share= Old Ratio = 2/3 1/6 - 1/6 = 1 1 3/6 = 1/3 - 1/6 6 6 2x2 1x3- -2x1 1x1 = = = =Gaining Share Gaining Ratio Que. Index 03:57:13
- 25. Q14. W.N 2 www.RomeshSirOnline.wordpress.com Que. Index 03:57:13
- 26. Q15 www.RomeshSirOnline.wordpress.com Que. Index Naresh’s Capital A/c Dr. 15000 Yogesh’s Capital A/c Dr. 15000 To Mukesh’s Capital A/c 30000 Adjustment in Capital Accounts for Mukesh’s share of Goodwill 03:57:13
- 28. Q16 www.RomeshSirOnline.wordpress.com Particulars LF Debit Credit A's Capital A/c Dr. 5,850 C's Capital A/c Dr. 4,950 To B's Capital A/c 10,800 Que. Index 03:57:13
- 29. A B C 4 3 2 B retires from the firm New Ratio 5 3 Gaining Ratio will be 13:11 www.RomeshSirOnline.wordpress.com Q16. WN 1. Gaining Share New Share - Old Share= Old Ratio = 5/8 13/72 - 11/72 = 13 11 4/9 = 3/8 - 2/9 72 72 9x5 8x4- -9x3 8x2 = = = =Gaining Share Gaining Ratio Que. Index 03:57:13
- 30. Q16. W.N. 1 Hidden Goodwill www.RomeshSirOnline.wordpress.com Que. Index 1,50,000A & C agreed to pay B (1,39,200)B’s Capital after all adjustments 10,800B’s Share of goodwill TO be debited to remaining Partners in Gaining Ratio 03:57:13
- 31. Revaluation Account Dr. Cr. Particulars Amount Particulars Amount By Computer To Workmen Compensation Claim 27,00027,000 Profit on Revaluation In their Old Ratio By Building A/c (20% of 1,00,000) By Finished Goods Stock 15,000 To be Divided between Old Partners Partners’ Capital A/c (Revaluation Profit) A– 6,000 C – 3,000 2,000 5,000 20,000 5,000 www.RomeshSirOnline.wordpress.com To Plant & Machinery To Raw Material Stock 4,000 2,000 To Prov. for D.D A/c 1,000 Que. Index B – 6,000 Q17
- 32. www.RomeshSirOnline.wordpress.com Que. Index Q17 Revaluation A/c Dr. 12,000 To Plant & Machinery A/c 4,000 To workmen Compensation Claim 5,000 To Prov. For D.Debts 1,000 To Raw Material Stock 2000 Decrease in value of Assets & Liabilities transferred to Revaluation Particulars LF Debit Credit Building A/c Dr. 20,000 Finished Goods A/c Dr. 5,000 Computer A/c Dr. 2000 To Revaluation A/c 27000 Increase in Value of Assets transferred to Revaluation A/c 03:57:13
- 35. Old Ratio X Y Z 3 2 1 The Question is silent about future P.S.R after retirement of Z. So new ratio between old partners will be same as it existed between themselves . New Ratio 3 2 So the gaining ratio between X & Y will also be same as there new ratio. Gaining Ratio 5 4 Note: But the share of gain for A & B will be 3/5 2/5 X 1/61/6 www.RomeshSirOnline.wordpress.com Que. Index Q19. W.N 1 2/303/30 X 03:57:13
- 36. Q19 W.N.2 www.RomeshSirOnline.wordpress.com Que. Index W.N 2. Adjustment of Reserves & Accumulated Loss through Capital Accounts Net Amount to be adjusted General Reserve Workmen’s Compensation Reserve Profit & Loss A/c (Dr.) 1,80,000 24,000 (30,000) Net Amount to be adjusted 1,74,000 Amount to be credited to Z’s Account 1,74,000 x 1/6 Amount to be debited to X’s Account 26,000 x 2/5 3/5 Amount to be debited to Y’s Account 26,000 x = 26,000 17,400= 11,600= Amount to be debited to X’s Account 1,74,000 x 2/30 3/30 Amount to be debited to Y’s Account 1,74,000 x 17,400= 11,600= OR 03:57:13
- 38. Q20. W.N. 1 www.RomeshSirOnline.wordpress.com Que. Index 03:57:13
- 40. Q21. W.N 1 www.RomeshSirOnline.wordpress.com Que. Index 03:57:13