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12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 2 Mark Questions with Solution Part - II updated Book back Questions

Published on: 13/05/2022

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Questions:

Generic 2

5 x 2 = 10

Navin, Ravi and Kumar are partners sharing profits in the ratio of 1/2, 1/4 and 1/4 respectively. Kumar retires and his share is taken up by Navin and Ravi equally. Calculate the new profit sharing ratio and gaining ratio.

Sunil, Sumathi and Sundari are partners sharing profits in the ratio of 3 : 3 : 4. Sundari retires and her share is taken up entirely by Sunil. Calculate the new profit sharing ratio and gaining ratio

Rosi, Rathi and Rani are partners of a firm sharing profits and losses equally. Rathi retired from the partnership on 1.1.2018. On that date, their balance sheet showed accumulated loss of Rs. 45,000 on the asset side of the balance sheet. Give the journal entry to distribute the accumulated loss.

What is the journal entry to be passed to transfer the amount due to the deceased partner to the executor of the deceased partner?

What is gaining ratio?

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Answers Key:

Generic 2

5 x 2 = 10

Kumar's share = \(\cfrac { 1 }{ 4 } \)
Share gained = Retiring partner's share \(\times\) proportion of share gained
Navin = \(\cfrac { 1 }{ 4 } \times \cfrac { 1 }{ 2 } =\cfrac { 1 }{ 8 } \)
Ravi = \(\cfrac { 1 }{ 4 } \times \cfrac { 1 }{ 2 } =\cfrac { 1 }{ 8 } \)
New share of continuing partner = old share + share gained
Navin = \(\cfrac { 1 }{ 2 } +\cfrac { 1 }{ 8 } =\cfrac { 4+1 }{ 8 } =\cfrac { 5 }{ 8 } \)
Ravi = \(\cfrac { 1 }{ 4 } +\cfrac { 1 }{ 8 } =\cfrac { 2+1 }{ 8 } =\cfrac { 3 }{ 8 } \)
Therefore, new ratio of Navin and Ravi is \(\cfrac { 5 }{ 8 } :\cfrac { 3 }{ 8 } \) that is 5: 3
Gaining ratio is 1 : 1

Sunil = \(\frac{3}{10}+\frac{4}{10}=\frac{7}{10}\)
(Sundar share is added with old ratio)
Sumathi = \(\cfrac { 3 }{ 10 } +0=\cfrac { 3 }{ 10 } \)
New ratio = 7 : 3
Sacrificing ratio = 4 : 0

Journal entry
Date	Particulars		Debit Rs	Credit Rs
2018	Rosi A/c (45,000)	Dr	15,000
January	Rathi A/c	Dr	15,000
	Rani A/c	Dr	15,000
	To Profit and loss A/c			45,000
	(Accumulated loss transferred to all
	partner's capital account in the old profit sharing ratio)

To transfer the amount due to the deceased partner to the executor or legal representative of the deceased partner

Particulars	Debit Rs	Credit Rs
Deceased partner's capital AI c Dr.	xxx

To Deceased partner's executor's A/c		xxx
(Amount transferred to executor's account

Gaining Ratio is the proportion of the profit which is gained by the continuing partner.
Gaining ratio = Ratio of share gained by the Conitinuing partners.
Share gained = New share - Old share