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
Correct Answer: Y bring Rs 66,900 and Z bring Rs 68,850
Solution : Answer = Y bring Rs 66,900 and Z bring Rs 68,850
Adjusted Capital of Y = 49500
Adjusted Capital of Z = 105750
Amount Paid to X = 1,35,750
Total Capital of the New Firm = 2,91,000
Y's share = $2,91,000\times\frac{2}{5} = 1,16400$
Z's share = $2,91,000\times\frac{3}{5} = 1,74,600$
Bank A/c Dr 66900
To Y's Capital A/c 66900
Bank A/c Dr 68850
To Z's Capital A/c 68850 Hence, the correct option is 2.
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
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 were in partnership sharing profits and losses in the ratio 3: 2: 1. Z retired from the firm on 1st April, 2016. After adjustments, his Capital Account shows a credit balance of Rs. 1,00,000 on the date of retirement. Z is to be paid in four equal annual instalments from 31st March, 2017 along with interest @ 10% p.a. Accounts are closed on March 31, every year. Question: Amount of Installment to be paid at the end of march 31,2018 will be
Option 1: Rs 32,500
Option 2: Rs 35,000
Option 3: Rs 30,000
Option 4: Rs 27,500
Question : X, Y and Z were in partnership sharing profits and losses in the ratio 3: 2: 1 . Z retired from the firm on 1st April, 2016. After adjustments, his Capital Account shows a credit balance of Rs.1,00,000 on the date of retirement. Z is to be paid in four equal annual instalments from 31st March, 2017 along with interest @ 10% p.a. Accounts are closed on March 31, every year. Question: Installment to be paid on March 31, 2019 is
Question : X, Y and Z were in partnership sharing profits and losses in the ratio 3: 2: 1. Z retired from the firm on 1st April, 2016. After adjustments, his Capital Account shows a credit balance of Rs.1,00,000 on the date of retirement. Z is to be paid in four equal annual instalments from 31st March, 2017 along with interest @ 10% p.a. Accounts are closed on March 31, every year. Question: Installment to be paid on March 31, 2020 is
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