12th Standard Accountancy English Medium - Retirement and Death of a Partner 3 Mark Creative Question Paper and Answer Key 2022 - 2023 | QB365

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12th Standard Accountancy English Medium - Retirement and Death of a Partner 3 Mark Creative Question Paper and Answer Key 2022 - 2023

Published on: 01/09/2022

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Questions:

Generic 3

7 x 3 = 21

S, T and U were partners with firm sharing ratio of 1:2:2 on 15.2.2017. S died and new profit sharing ratio of T and U was 3:2. On S's death the goodwill of the firm was valued at 60,000. Calculate gaining ratio. Pass the journal entry.

X, Y and Z are partners sharing ratioof 2:3:5. Value of tbe goodwill of Rs. 50,000. X retires, and that day the value of good will is Rs. 45,000. X and Z decided to share future profits equally. Pass the entry.

A, B and C were partners ratio 6:4:5. B retires new profit sharing ratio A and C 11:4. B's retirement value of goodwill is Rs. 1.80,000 pass entry.

P, Q, R ratio is 2:3:5 Goodwill appears in their books at the value of Rs. 60,000; P retires at the time good will of Rs. 30,000. Pass the necessary journal entries.

X, Y and Z are partners ratio 5:3:2 Goodwill not appear in the books of Rs. 1,00,000.X retires, Y and Z share of profit equally in future. You are required to make adjustment. Pass entry,

X, Y and Z are partners Sharing profits in the rat_io 2:3:5. Goodwill appearing in he books at Rs. 50,000. X retires on the day of x retirement goodwill is valued at Rs. 45000. Y and Z decided to share future profits equally. Pass the journal entries.

P, Q and R have been sharing profits ratio 4:2:1. Q retires P and R takes Q's shares equally. Calculate new profit Sharing ratio and gaining ratio.

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Answers Key:

Generic 3

7 x 3 = 21

Gain ratio = New ratio - Old ratio
T's gain = \(\frac{3}{5}-\frac{2}{5}=\frac{1}{5}\)
S' share of goodwil = \(60,000 \times \frac{1}{5}=\mathrm{Rs} .12,000\)

Date	Particulars		Debit	Credit
15/2/17	T's Capital A/c	Dr.	12,000
	To S's Capital			12,000
	(Deceased partner's share of goodwill adjusted .T's capital A/c in his gaining share)

· Gaining ratio \(\frac{1}{5}\)

Gaining Ratio = New ratio - Old ratio
Y's gain = \(\frac{1}{2}-\frac{3}{10}=\frac{5-3}{10}=\frac{2}{10}\)
Z's gain = \(\frac{1}{2}-\frac{5}{10}=\frac{5-5}{10}=\mathrm{Nil}\)
Z has not gained on retirement of X. Therefore only Y's capital is debited with the Rs. 9,000 and X's capital account is credited with Rs. 9,000.

Particulars		Debit	Credit
X's Capital A/ c	Dr	10,000
Y's Capital A/c	Dr	15,000
Z's Capital A/c		25,000
To Good will A/c			50,000
(goodwill appearing in the books written off in old ratio)
Y's Capital A/c	Dr	9,000
To X's capital (2/10 of 45,000)			9,000
(X's share of goodwill debited Y's capital, as he alone has gained)

Gaining Ratio = New share - Old share
A's gain = \(\frac{11}{15}-\frac{6}{15}=\frac{5}{15}\) gain
C's gain = \(\frac{4}{15}-\frac{5}{15}=\frac{-1}{15}\) (Sacrifice)
A's Gain = B's sacrifice + C's Sacrifice = \(\frac{4}{15}+\frac{1}{15}=\frac{5}{15}\)
Goodwill = Rs. 1,80,000
As share = \(1,80,000 \times \frac{5}{15}=Rs. 60,000\)
B's share = \(1,80,000 \times \frac{4}{15}=Rs. 48,000\)
C's share = \(1,80,000 \times \frac{1}{15}=Rs. 12,000\)

Particulars	Debit	Credit
A's Capital A/c	60,000
To B's Capital A/c		48,000
To C's Capital A/c		12,000
(Adjustment entry passed)

Gaining Ratio = New Ratio - Old Ratio
\(\mathrm{Q}=\frac{1}{2}-\frac{3}{10}-\frac{5-3}{10}-\frac{2}{10}\)
\(\mathrm{R}=\frac{1}{2}-\frac{5}{10}=\frac{5-5}{10}=\frac{0}{10}\)
So Q only gainer
Goodwill is Rs. 30,000
Q's share = \(30,000 \times \frac{2}{10}=Rs. 6,000\)

Particulars		Debit	Credit
P's Capital	Dr	12,000
Q's Capital	Dr	18,000
R's Capital	Dr	30,000
To Goodwill A/c			60,000
(Existing goodwill written off)
Q's Capital A/c	Dr	6,000
To P's Capital A/c			6,000
(Adjustment of retirement parners Q's share of goodwill)

Gaining ratio
\(Y=\frac{1}{2}-\frac{3}{10}=\frac{5-3}{10}=\frac{2}{10}\)
\(\mathrm{Z}=\frac{1}{2}-\frac{2}{10}=\frac{5-2}{10}=\frac{3}{10}\)
Gaining ratio = 2:3
Journal Entry

Particulars		Amt(Rs.)	Amt(Rs.)
Y's Capital A/ c	Dr	20,000
Z's Capital A/ c	Dr	30,000	50,000
To X's Capital A/ c
(For crediting retirement partner)

Gaining ratio 2: 3

Particular journal entries		Debit
X's capital A/c	Dr	10,000
Y's capital A/c	Dr	15,000
Z's capital A/ c	Dr	25,000
To Goodwill A/ c
(Being for goodwill written off old ratio)
Y's capital A/c	Dr	9,000
To X's, capital
(2/10 of ( Rs. 45000)
(X's share of good will debited to
Y's capital as has gained)

Gaining Ratio = New Ratio - old Ratio
Y's gain = \(\frac{1}{2}-\frac{3}{10}=\frac{5-3}{10}=\frac{2}{10}\)
Z' s gain = \(\frac{1}{2}-\frac{5}{10}=\frac{5-5}{10}\) = Nil
Z's has not gained on retirement of X. Therefore only Y's Capital A/ c is debited with Rs. 9000.
X's Capital Ale is Credited with Rs. 9000.

P's gain out of Q's Share = \(\frac{2}{7} \times \frac{1}{2}=\frac{1}{7}\)
P's new share = Old share + Gained share = \(\frac{4}{7}+\frac{1}{7}=\frac{5}{7}\)
R's gain out of Q's = \(\frac{2}{7} \times \frac{1}{2}=\frac{1}{7}\)
R's New share = Old share + Gained share = \(\frac{1}{7}+\frac{1}{7}=\frac{2}{7}\)
New share = \(\frac{5}{7}: \frac{2}{7}=5: 2\)
b) Calculation of Gaining ratio
Gainnning ratio = P' s gain R' s gam = \(\frac{1}{7}: \frac{1}{7}=1: 1\)
New share 5: 2; Gaining ratio 1 : 1