class 12 retirement of a partner practical solutions

Class 12 Accountancy- Retirement of a
Partner[Practical Answer]
Ans. 1

Old ratio = 3 : 2 : 1
B’s share = 2/6

Goodwill of firm = ₹36,000
B’s share of goodwill = 36,000 × 2/6 = ₹12,000

Remaining partners A and C gain in ratio = 3 : 1

A’s share = 12,000 × 3/4 = ₹9,000
C’s share = 12,000 × 1/4 = ₹3,000

Journal Entry

A’s Capital A/c Dr 9,000

C’s Capital A/c Dr 3,000

To B’s Capital A/c 12,000

Ans. 2

Partners share profits equally.
Y’s share = 1/3

Goodwill = ₹45,000
Y’s share of goodwill = 45,000 × 1/3 = ₹15,000

Remaining partners X and Z gain equally.

X’s share = 7,500
Z’s share = 7,500

Journal Entry

, X’s Capital A/c Dr 7,500

Z’s Capital A/c Dr 7,500

To Y’s Capital A/c 15,000

Ans. 3

Goodwill appearing in books = ₹20,000
Profit sharing ratio = 5 : 3 : 2

Goodwill written off in old ratio.

P’s share = 10,000
Q’s share = 6,000
R’s share = 4,000

Journal Entry

P’s Capital A/c Dr 10,000

Q’s Capital A/c Dr 6,000

R’s Capital A/c Dr 4,000

To Goodwill A/c 20,000

Ans. 4

Revaluation adjustments

Stock increased by ₹6,000
Furniture decreased by ₹2,000
Creditors increased by ₹3,000

Net loss = 6,000 − 2,000 − 3,000 = ₹1,000

Revaluation Account

Furniture A/c Dr 2,000