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12th Standard English Medium Accountancy Subject Retirement and Death of a Partner Book Back 3 Mark Questions with Solution Part - II

Published on: 03/06/2021

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Std: 12th Standard - Accountancy

chapter: - Book back Questions

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Questions:

Generic 5

2 x 5 = 10

Distinguish between sacrificing ratio and gaining ratio.

Ramya, Sara and Thara are partners sharing profits and losses in the ratio of 5:3:2. On 1^st April 2018, Thara retires and on retirement, the following adjustments are agreed upon:
(i) Increase the value of premises by Rs. 40,000.
(ii) Depreciate stock by Rs. 3,000 and machinery by Rs. 6,500.
(iii) Provide an outstanding liability of Rs. 500
Pass journal entries and prepare revaluation account.

Generic 3

3 x 3 = 9

Akash, Mugesh and Sanjay are partners in a firm sharing profits and losses in the ratio of 3:2:1. Their balance sheet as on 31^st March, 2017 is as follows:

Liabilities	Rs.	Rs.	Asset	Rs.
Capital accounts:			Buildings	1,10,000
Akash	40,000		Vehicle	30,000
Mugesh	60,000		Stock in trade	26,000
Sanjay	30,000	1,50,000	Debtors	25,000
Profit and loss appropriation A/c		12,000	Cash in hand	15,000
General reserve		24,000
Workmen compensation fund		18,000
Bills payable		2,000
		2,06,000		2,06,000

Pass journal entry to transfer accumlatetd Profit and prepare the capital account of the partners

Rathna, Baskar and Ibrahim are partners sharing profits and losses in the ratio of 2:3:4 respectively. Rathna died on 31st December, 2018. Final amount due to her showed a credit balance of Rs. 1,00,000. Pass journal entries if,
(a) The amount due is paid off immediately by cheque.
(b) The amount due is not paid immediately.
(c) Rs. 60,000 is paid immediately by cheque.

Justina, Navi and Rithika are partners sharing profits and losses equally. On 31.3.2019, Rithika retired from the partnership firm. Profits of the preceding years is as follows:
2016: Rs. 5,000; 2017: Rs. 10,000 and 2018: Rs. 30,000
Find out the share of profit of Ritika for the year 2019 till the date of retirement if
(a) Profit is to be distributed on the basis of the previous year’s profit
(b) Profit is to be distributed on the basis of the average profit of the past 3 years
Also pass necessary journal entries by assuming that partners’ capitals are fluctuating. Accountancy

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Answers Key:

Generic 5

2 x 5 = 10

Basic Sacrificing ratio Gaining ratio 1. Meaning It is the proportion of the profit which is sacrificed by the old partners in favour of a new partner It is the proportion of the profit which is gained by the continuing partners from the retiring partner 2. Purpose It is calculated to determine the amount to be adjusted towards goodwill for the sacrificing partners It is calculated to determine the amount to be adjusted towards goodwill for the gaining partners 3. Method of Calculation It is the difference between the old ratio and the new ratio Sacrificing ratio = Old profit sharing ratio - New profit sharing ratio It is the difference between the new ratio and the old ratio Gaining ratio = New profit sharing ratio - Old profit sharing ratio 4. Time of calculation It is calculated at the time of admission of a new partner It is calculated at the time of retirement of a partner

Date	Particulars		Debit Rs.	Credit Rs.
2018 April 1	Premises A/c	Dr.	40,000
	To Revaluation A/c			40,000
	(Value of premises increased)
"	Revaluation A/c	Dr.	10,000
	To Stock A/c			3,000
	To Machinery A/c			6,500
	To Outstanding liability A/c			500
	(Decrease in value of assets and outstanding liability recorded)
"	Revaluation A/c	Dr.	30,000
	To Ramya's capital A/c			15,000
	To Sara's capital A/c			9,000
	To Thara's capital A/c			6,000
	(Profit on revaluation distributed)

Dr. Revaluation account Cr.
Particulars	Rs.	Rs.	Particulars	Rs.
To Stock A/c		3,000	By Premises A/c	40,000
To Machinery A/c		6,500
To Outstanding liability A/c		500
To Profit on revaluation transferred to
Ramya's capital A/c (5/10)	15,000
Sara's capital A/c (3/10)	9,000
Thara's capital A/c (2/10)	6,000	30,000
		40,000		40,000

Generic 3

3 x 3 = 9

Journal Entries
Date	Particulars		Debit Rs	Credit Rs
2017	Profit and Loss appropriation A/c	Dr	12,000
March 31	General reserve A/c	Dr	24,000
	Workmen compensation fund	Dr	18,000
	To Akash's capital A/c(54,000 x 3/6)			27,000
	To Mugesh's capital A/c (54,000 x 2/6)			18,000
	To Sanjay's capital A/c ( 54,000 x 116)			9,000
	(Accumulated profits and reserve
	transferred to all partner's capital account
	in the old profit sharing ratio)

Dr Capital Account Cr
Particulars	Akash Rs	Mukesh Rs	Sanjay Rs	Particulars	Akash Rs	Mukesh Rs	Sanjay Rs
To Balance c/d	67,000	78,000	39,000	By Balance b/d	40,000	60,000	30,000
				By Accumulated
				profit and loss A/c	27,000	18,000	9,000

	67,000	78,000	39,000		67,000	78,000	39,000
				By Balance b/d	67,000	78,000	39,000

Journal entries
Particulars		Debit Rs.	Credit Rs.
(a) Rathna’s Executor A/c	Dr.	1,00,000
To Bank A/c			1,00,000
(Amount due paid immediately)
(b) Rathna’s Executor A/c	Dr.	1,00,000
To Rathna’s Executor loan A/c			1,00,000
(Amount due transferred to loan account)
(c) Rathna’s Executor A/c		1,00,000
To Bank A/c			60,000
To Rathna’s Executor loan A/c			40,000
(Rs. 60,000 paid and the balance transferred to loan account)

(a) If profit is to be distributed on the basis of the previous year’s profit:
Ritika’s share of profit for 3 months \(=30000\times\frac{3}{12}\times\frac{1}{3}=Rs.2,500\)

Date	Particulars		Debit Rs.	Credit Rs.
2019 March 31	Profit and loss Suspense A/c	Dr.	2,500
	To Rithika’s capital A/c			2,500
	(Rithika’s current year share of profit credited to her capital account)

(b) If profit is to be distributed on the basis of the average profit of the past 3 years:
Average profit \(=\frac{5,000+10,000+30,000}{3}\)
= 15,000
Ritika’s share of profit for 3 months \(=15000\times\frac{3}{12}\times\frac{1}{3}=Rs.1,250\)

Date	Particulars		Debit Rs.	Credit Rs.
2019 March 31	Profit and loss Suspense A/c	Dr.	1,250
	To Rithika’s capital A/c			1,250
	(Rithika’s current year share of profit credited to her capital account)