Amit and Beena Were Partners in a Firm Sharing Profits and Losses in the Ratio of 3: 1. Chaman Was Admitted as a New Partner for `1/6` Th Share in the Profits. - Accountancy

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Amit and Beena were partners in a firm sharing profits and losses in the ratio of 3: 1. Chaman was admitted as a new partner for `1/6` th share in the profits. Chaman acquired `2/5` th of his share from Amit. How much share did Chaman acquire from Beena?

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Solution

A share of Chaman = `1/6`

Share acquired from Amit = `2/5 xx 1/6 = 2/30`

Share acquired from Beena = Share of Chaman Acquired from Amit

`= 1/6 - 2/30 = 3/30 = 1/10`

Concept: Change in the Profit Sharing Ratio Among the Existing Partners
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2017-2018 (March) Delhi Set 1

RELATED QUESTIONS

Virad, Vishad and Roma were partners sharing profits in the ratio of 5 : 3: 2 respectively. On March 31, 2013, their Balance Sheet as under.

Liabilities Amount(Rs.) Assets Amount(Rs.)

Capital:

       Virad      3,00,000

       Vishad    2,50,000

       Roma      1,50,000 

Reserve Fund

Creditors

 

 

 

 

7,00,000

60,000

1,10,000

 

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Patents

Stock

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2,00,000

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1,10,000

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  8,70,000   8,70,000

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80,000

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80,000

 

 

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1,80,000

 

 

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                          Balance Sheet of W and R

                                  as on 31.3.2016

   Liabilities

Amount

(Rs)

      Assets

Amount

(Rs)

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20,000

Cash

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Provision for Bad Debts

2,000

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18,000

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20,000

General Reserve

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40,000

 

 

Plant & Machinery

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(Rs)

           Assets

Amount

(Rs)

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Fixed Assets

18,00,000

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7,00,000

 

Current Assets

6,75,000

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6,00,000

 

 

 

Menon

5,00,000

 

 

 

Thomas

4,50,000

22,50,000

 

 

 

 

 

 

Sundry Creditors

1,50,000

 

 

Workmen Compensation Reserve

75,000

 

 

 

24,75,000

 

24,75,000

 

 

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Liabilities

Amount

Rs

Assets

Amount

Rs

Capital:

 

 

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80,000

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60,000

 

Machinery

20,000

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40,000

1,00,000

Furniture

10,000

 

 

 

Debtors

25,000

Provision for bad debts

1,000

Cash

16,000

Creditors

 

60,000

Profit and Loss Account

10,000

 

 

 

 

 

 

1,61,000

 

1,61,000

 

 

 

 

 

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(ii) D will bring Rs 30,000 as his capital and Rs 15,000 for his share of goodwill.

(iii) Half of goodwill amount was withdrawn by the partner who sacrificed his share of profit in favour of ‘D’.

(iv) A provision of 5% for bad and doubtful debts was to be maintained.

(v) An item of Rs 500 included in Sundry Creditors was not likely to be paid.

(vi) An provision of Rs 800 was to be made for claims for damages against the firm.

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Prepare Revaluation Account, Partner’s Capital Accounts and Balance Sheet of the new firm.  

 


Why are ‘Reserve and Surplus’ distributed at the time of reconstitution of the firm?


Anubhav, Shagun and Pulkit are partners in a firm sharing profits and losses in the ratio of 2:2:1. On 1st April 2021, they decided to change their profit-sharing ratio to 5:3:2. On that date, debit balance of Profit & Loss A/c ₹30,000 appeared in the balance sheet and partners decided to pass an adjusting entry for it.

Which of the undermentioned options reflect correct treatment for the above treatment?


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