Question : X and Y are partners sharing profit and losses in the ratio of 2: 1. They admit Z into partnership with 1/4th share in profits which he acquires equally from X and Y. Z brings in Rs. 1,65,000 as capital and Rs. 30,000 as goodwill in cash. Partners capital account will be credited with _____ and new profit sharing between partners will be............
Option 1: X's credited with Rs 20,000 and Y with Rs 10,000, NPSR 13: 5: 6
Option 2: X's credited with Rs 15,000 and Y with Rs 15,000, NPSR is 3: 2: 1
Option 3: X's credited with Rs 15,000 and Y with Rs 15,000, NPSR is 13: 5: 6
Option 4: None of the above
Correct Answer: X's credited with Rs 15,000 and Y with Rs 15,000, NPSR is 13: 5: 6
Solution : Answer = X is credited with Rs 15,000 and Y with Rs 15,000 NPSR is 13: 5: 6
Calculation of new profit sharing ratios : Z's share is $\frac{1}{4}$ which he acquires equally from X and Y.
Therefore, Z gets his share from $X=\frac{1}{2}$ of $\frac{1}{4}=\frac{1}{8}$ Z gets his share from $y=\frac{1}{2}$ of $\frac{1}{4}=\frac{1}{8}$
New Ratio of $X=\frac{2}{3}-\frac{1}{8}=\frac{13}{24}$
New Ratio of $y=\frac{1}{3}-\frac{1}{8}=\frac{5}{24}$
Thus, X: Y: Z $\frac{13}{24}: \frac{5}{24}: \frac{1}{4}=\frac{13: 5: 6}{24}=13: 5: 6$ New Ratio
Hence, the correct option is 3.
Question : X, Y and Z are partners in a firm in 3:2:1. Z is Guaranteed that he will get a minimum of Rs 20,000 as his share of Profit every year. The firm's profit was Rs 90,000 Partners will get.
Option 1: X Rs 40,000, Y Rs 30,000, Z Rs 20,000
Option 2: X Rs 42,500, Y Rs 27,500, Z Rs 20,000
Option 3: X Rs 45,000, Y Rs 30,000, Z Rs 15,000
Option 4: X Rs 42,000, Y Rs 28,000, Z Rs 20,000
Question :
X, Y and Z are partners in a firm sharing profits arid losses in the ratio of 1: 2: 3. Z retires and his Capital Account after making all adjustments of reserve and gain (profit) on revaluation exists at Rs. 3,60,000. X and Y agreed to pay him Rs. 4,50,000 in full settlement of his claim. X and Y decided to share future profits in the ratio of 1: 3. By what amount X and Y will be debited/credited?
Option 1: X debited Rs 75,000 and Y debited Rs 15,000
Option 2: X credited Rs 75,000 and Y credited Rs 15,000
Option 3: Debiting X by Rs 15,000 and Y debiting Rs 75,000
Option 4: Credited X by Rs 15,000 and Y credited By Rs 75,000
Question : X and Y are partners sharing profits and losses in the ratio of 3 : 2. They admit Z into partnership with 1/5th share in profits which he acquires equally from X and Y. Z brings in Rs.40,000 as goodwill in cash. Goodwill amount will be credited to -
Option 1: X: Rs.25,000; Y: Rs.15,000
Option 2: X: Rs.4,000; Y: Rs.4,000
Option 3: X: Rs.20,000; Y: Rs.20,000
Option 4: X: Rs.24,000; Y: Rs.16,000
Question : X and Y are partners with a capital of Rs 5,000 each. They admitted Z as partners with 1/4 share in the profit of the firm. Z brings Rs 8,000 as his share of capital. The profit and loss a/c showed a credit balance e of Rs 4,000 as of the date of admission of Z. Journal entry to record goodwill will be.
Option 1: Z's capital A/c Dr 2500 To X's capital account 1250 To Y's capital account 1250
Option 2: Z's capital account Dr 5000 To X's capital account 2500 To Y's capital account Rs 2500
Option 3: Z's capital account Dr 10,000 To X's capital account 5000 To Y's capital Account 5000
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile