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 adjustments on the date of retirement showed balance of Rs. 1,45,000 and Rs. 63,000 respectively. the amount of actual cash to be brought in or to be paid to the partners will be
Option 1: Z debited Rs 10,500 and X credited by Rs 12,500
Option 2: Z debited Rs 10,500 and X debited by Rs 12,500
Option 3: Z credited by Rs 10,500 and xcredited by Rs 12,500
Option 4: Z debited by Rs 10,500 and Y credited by Rs 12,500
Correct Answer: Z debited Rs 10,500 and X credited by Rs 12,500
Solution : Answer = Z debited Rs 10,500 and X credited by Rs 12,500
Total Capital of the New firm = 2,10,000
X's share = $2,10,000\times\frac{3}{4} = 1,57,500$
Z's share = $2,10,000\times\frac{1}{4} = 52,500$
Bank A/c Dr 12,500
To X's Capital - 12,500
(1,57,500 - 1,45,000)
Z's Capital A/c Dr 10500
To Bank 10500 Hence, the correct option is 1.
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
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 paid to X is Rs .1,35,750. This amount is to be paid by Y and Z in a manner that their capital becomes proportionate to their new profit-sharing ratio. The amount to be brought or to be paid to partners will be
Option 1: Y bring Rs 66,000 and Z bring Rs 68,000
Option 2: Y bring Rs 66,900 and Z bring Rs 68,850
Option 3: Y withdrew Rs 66,900 and Z bring Rs 68,850
Option 4: Y bring Rs 66,900 and Z withdrew Rs 68,850
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.
Option 1: P will be credited by Rs. 2,000 and Q will be debited by Rs. 2,000.
Option 2: P will be debited by Rs. 2,000 and Q will be credited by Rs. 2,000
Option 3: P will be debited by Rs. 2,000 and R will be credited by Rs. 2,000.
Option 4: P will Be credited By Rs. 2,000 and R will Be debited by Rs. 2000
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 of 4:3:3. Choose the correct journal entry.
Option 1: A debited by Rs 60,000 and debited B by Rs 20,000 and credited D by Rs 80,000
Option 2: Debited A by Rs 60,000 and credited B by Rs 20,000 and credited D by Rs 40,000
Option 3: Debited A by Rs 40,000 and B debited by Rs 40,000 and Credited D by Rs 80,000
Option 4: None of the above
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