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Question 61 Chapter 5 – Class 12 Part 1 Unimax

Question 61 Chapter 5 - Class 12 Part 1 Unimax

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Question 61 Chapter 5 – Class 12 Part 1 Unimax

61. Black and White are partners sharing profits in the ratio of 5 : 3. They admit Green for 1/5th share in the future profits on the following conditions :

  1. Green has to bring Rs. 12000 as his share of goodwill and to contribute proportionate capital.
  2. Revaluation of assets and liabilities was made which resulted in profits of Rs. 6400.
  3. Workmen compensation fund stood in the books at Rs. 4500 but the actual liability on that account is Rs. 1300 only.
  4. General Reserve of Rs. 32000 is to be distributed.
  5. Capitals of Black and White before admission of green were Rs. 26500 and Rs. 28300 respectively.
  6. After admission of Green, the capitals of Black and White were to be adjusted in their profit sharing ratio, by opening current accounts.

You are required to prepare partners’ capital accounts.

The solution of Question 61 Chapter 5 – Class 12 Part 1 Unimax: –

Capital Accounts

Working Note:

Calculation of new PSR :

Calculation of new PSR :

Green’s Share = 1/5

Remaining share = 1 – 1/5 = 4/5

Black’s new share = 5/8 X 4/5 = 5/10

White’s new share = 3/8 X 4/5 = 3/10

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Green’s share = 1/5

New PSR = Black : White : Green = 5 : 3 : 2
Calculation of Capital contributed by old partners :
Total capital of firm = (Blacks capital balance c/d + White’s capital balance c/d) X 10/8
= (60000 + 48400) X 10/8
= Rs. 135500
(i) Black’s required capital = 5/10 X 135500 = Rs. 67750
Black’s actual capital = Rs. 60000
Black’s will introduce Rs. 7750 into business. (Transferred to current a/c Dr. Balance)
(ii) White’s required capital = 3/10 X 135500 = Rs. 40650
White’s actual capital = Rs. 48400
White’s will withdraw Rs. 7750 from business. (Transferred to current a/c Cr. Balance)
(iii) Green’s required capital = 2/10 X 135500 = Rs. 27100

End of Solution


Check Out the Solution of all questions for this chapter:

The solution to all questions of Chapter No. 5 – Partnership Accounts-IV  (Admission of A Partner) Class 12 Unimax is shown as follows, click on the image of the question to get the solution.

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Punjab School Education Board (PSEB) Solutions of Usha Publication.

If you’re a student enrolled in the Punjab School Education Board Class 12, exploring a wide range of books to cover the syllabus thoroughly is essential. While the prescribed textbooks are undoubtedly valuable, supplementing your studies with additional resources can enhance your understanding and knowledge. Consider checking out other books that align with the curriculum, offering different perspectives and insights on the subjects you’re studying. These supplementary materials can provide you with alternative explanations, practice questions, and examples that may aid in clarifying complex concepts. Moreover, exploring diverse sources can expose you to various writing styles and viewpoints, fostering a broader understanding of the subjects. So, seize the opportunity to expand your learning by delving into other books that can complement your studies and contribute to your academic growth.

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