Question 71:
Following is the Balance Sheet of the firm, Ashirvad, owned by A, B and C who share profits and losses of the business in the ratio of 3 : 2 : 1.
|
BALANCE SHEET as at 31st
March, 2022 |
||||
|
Liabilities |
` |
Assets |
` |
|
|
Capital
A/cs: |
|
Furniture |
95,000 |
|
|
A |
1,20,000 |
|
Business
Premises |
2,05,000 |
|
B
|
1,20,000 |
|
Stock-in-Trade |
40,000 |
|
C |
1,20,000 |
3,60,000 |
Debtors |
28,000 |
|
Sundry
Creditors |
|
20,000 |
Cash
at Bank |
15,000 |
|
Outstanding
Salaries and wages |
|
7,200 |
Cash
in Hand |
4,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,87,200 |
|
3,87,200 |
|
|
|
|
|
|
On 1st April, 2022, they admit D as a partner on the following
conditions:
(a) D will bring in ` 1,20,000 as his capital and also ` 30,000 as goodwill premium for a quarter of the share in
the future profits/losses of the firm.
(b) Values of the fixed assets of the firm will be increased by 10% before the
admission of D.
(c) Mohan, an old customer whose account was written off as bad debts, has
promised to pay ` 3,000 in full settlement of his dues.
(d) Future profits and losses of the firm will be shared equally by all the
partners.
Pass the necessary Journal entries and prepare Revaluation Account, Partners'
Capital Accounts and opening Balance Sheet of the new firm.
Answer:
|
Revaluation Account |
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|
Dr. |
|
|
Cr. |
|
|
Particulars |
` |
Particulars |
` |
|
|
|
|
Fixed Assets: |
|
|
|
|
|
Furniture |
95,000 × 10% |
9,500 |
|
Profit transferred to |
|
Business Premises |
2,05,000 10% |
20,500 |
|
A Capital |
15,000 |
|
|
|
|
B Capital |
10,000 |
|
|
|
|
C Capital |
5,000 |
|
|
|
|
|
|
|
|
|
|
|
30,000 |
|
30,000 |
|
|
|
|
|
|
|
|
Partners’ Capital Accounts |
|||||||||
|
Dr. |
|
|
|
|
|
|
|
|
Cr. |
|
Particulars |
A |
B |
C |
D |
Particulars |
A |
B |
C |
D |
|
A’s Capital (Goodwill) |
|
|
7,500 |
|
Balance b/d |
1,20,000 |
1,20,000 |
1,20,000 |
|
|
B’s Capital (Goodwill) |
|
|
2,500 |
|
Revaluation (Profit) |
15,000 |
10,000 |
5,000 |
|
|
|
|
|
|
|
Cash |
|
|
|
1,20,000 |
|
Balance c/d |
1,65,000 |
1,40,000 |
1,15,000 |
1,20,000 |
Premium for Goodwill |
22,500 |
7,500 |
|
|
|
|
|
|
|
|
C’s Capital (Goodwill) |
7,500 |
2,500 |
|
|
|
|
1,65,000 |
1,40,000 |
1,25,000 |
1,20,000 |
|
1,65,000 |
1,40,000 |
1,25,000 |
1,20,000 |
|
|
|
|
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|
|
|
Balance Sheet as on April 1, 2022, after D’s admission |
||||
|
Liabilities |
` |
Assets |
` |
|
|
Capital A/cs: |
|
Furniture (95,000 + 9,500) |
1,04,500 |
|
|
A |
1,65,000 |
|
Business Premises (2,05,000+20,500) |
2,25,500 |
|
B |
1,40,000 |
|
Stock-in-Trade |
40,000 |
|
C |
1,15,000 |
|
Debtors |
28,000 |
|
D |
1,20,000 |
5,40,000 |
Cash at Bank |
15,000 |
|
Sundry Creditors |
20,000 |
Cash in hand (4,200 + 1,50,000) |
1,54,200 |
|
|
Outstanding salaries and wages |
7,200 |
|
|
|
|
|
5,67,200 |
|
5,67,200 |
|
|
|
|
|
|
|
Working Note:
WN1 Calculation of Sacrificing Ratio
|
|
A |
B |
C |
D |
|
OLD
RATION |
3 : |
2 : |
1 |
|
|
NEW
RATIO |
1 : |
1 : |
1
: |
1 |
|
|
|
|
|
|
Sacrificing Ratio = Old Ratio − New Ratio
A=
3/6-1/4=6/24
B=2/6-1/4=2/24
C=1/6-1/4=-2/24((Gain)
Sacrificing
Ratio =6/24 ; 2/24=3;1
WN2 Calculation of C’s gain in goodwill
Goodwill of the firm=D’s share×4/1s
= 30,000×4/1s=1,20,000
C’s gain in goodwill=1,20,000×2/24=10,000
WN3 Amount of Goodwill to be distributed between A and
B (Sacrificing Partners)
Premium for goodwill=30,000
A will get =30,000×3/4=22,500
B will get =30,000×1/4=7,500
WN4 Journal Entries for D’s Capital and distribution of
goodwill
|
Particulars |
L.F. |
Debit ` |
Credit ` |
|
|
Cash A/c |
Dr. |
|
1,50,000 |
|
|
To D’s Capital A/c |
|
|
1,20,000 |
|
|
To Premium for Goodwill A/c |
|
|
30,000 |
|
|
(D brought Capital and share of Capital) |
|
|
|
|
|
|
|
|
|
|
|
Premium for Goodwill |
Dr. |
|
30,000 |
|
|
C’s Capital A/c |
Dr. |
|
10,000 |
|
|
To A’s Capital A/c |
|
|
30,000 |
|
|
To B’s Capital |
|
|
10,000 |
|
|
(Gain goodwill distributed
between A and B |
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Question 72:
Deepika and Rajshree are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2022 their Balance Sheet was:
|
|
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|
Liabilities |
` |
Assets |
` |
||
|
Sundry
Creditors |
16,000 |
Cash
in Hand |
1,200 |
||
|
Public
Deposits |
61,000 |
Cash
at Bank |
2,800 |
||
|
Bank
Overdraft |
6,000 |
Stock |
32,000 |
||
|
Outstanding
Liabilities |
2,000 |
Prepaid
Insurance |
1,000 |
||
|
Capital
A/cs: |
|
Sundry
Debtors |
28,000 |
|
|
|
Deepika |
48,000 |
|
Less: Provision for
Doubtful Debts |
800 |
|
|
Rajshree |
40,000 |
88,000 |
Plant
and Machinery |
48,000 |
|
|
|
|
Land
and Building |
50,000 |
||
|
|
|
Furniture |
10,000 |
||
|
|
|
|
|
||
|
|
1,73,000 |
|
1,73,000 |
||
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|
|
|
|
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On 1st April, 2022 the partners admit Anshu as a partner on the following
terms:
(a) The new profit-sharing ratio of Deepika, Rajshree and Anshu will be 5 : 3 :
2 respectively.
(b) Anshu shall bring in ` 32,000 as his capital.
(c) Anshu is unable to bring in any cash for his share of goodwill. Partners,
therefore, decide to calculate the goodwill on the basis of Anshu's share in
the profits and the capital contribution made by her to the firm.
(d) Plant and Machinery is to be valued at ` 60,000, Stock at
` 40,000 and the
Provision for Doubtful Debts is to be maintained at ` 4,000. Value of Land and Building has appreciated by 20%.
Furniture has been depreciated by 10%.
(e) There is an additional liability of
` 8,000 being
outstanding salary payable to employees of the firm. This liability is not
included in the outstanding liabilities, stated in the above Balance Sheet.
Partners decide to show this liability in the books of account of the
reconstituted firm.
Prepare Revaluation Account, Partners' Capital Accounts and Balance Sheet of
Deepika, Rajshree and Anshu.
Answer:
|
Revaluation Account |
||||
|
Dr. |
|
Cr. |
||
|
Particulars |
` |
Particulars |
` |
|
|
Reserve for D. Debts |
4,000 |
|
Plant and Machinery |
12,000 |
|
Less: Old Reserve |
800 |
3,200 |
(60,000 – 48,000) |
|
|
|
|
|
|
|
|
Furniture
10,000 × 10% |
1,000 |
Stock
(40,000 – 32,000) |
8,000 |
|
|
Outstanding salary |
8,000 |
|
|
|
|
Profit transferred to |
|
Land and Building |
10,000 |
|
|
Deepika Capital |
10,680 |
(50,000 × 20%) |
|
|
|
Rajshree Capital |
7,120 |
|
|
|
|
|
30,000 |
|
30,000 |
|
|
|
|
|
|
|
|
Partners’ Capital Accounts |
|||||||
|
Dr. |
|
Cr. |
|||||
|
Particulars |
Deepika |
Rajshree |
Anshu |
Particulars |
Deepika |
Rajshree |
Anshu |
|
Balance c/d |
58,680 |
47,120 |
32,000 |
Balance b/d |
48,000 |
40,000 |
|
|
(before adjustment of Goodwill) |
|
|
|
|
|
|
|
|
|
|
|
|
Revaluation |
10,680 |
7,120 |
|
|
|
|
|
|
Cash |
|
|
32,000 |
|
|
58,680 |
47,120 |
32,000 |
|
58,680 |
47,120 |
32,000 |
|
|
|
|
|
|
|
|
|
|
Deepika |
|
|
2,220 |
Balance b/d |
58,680 |
47,120 |
32,000 |
|
Rajshree |
|
|
2,220 |
Anshu’s Capital (Goodwill) |
2,220 |
2,220 |
|
|
Balance c/d |
60,900 |
49,340 |
27,560 |
|
|
|
|
|
|
60,900 |
49,340 |
32,000 |
|
60,900 |
49,340 |
32,000 |
|
|
|
|
|
|
|
|
|
|
Balance Sheet as on March 31, 2022 after Anshu’s admission |
|||||
|
Liabilities |
` |
Assets |
` |
||
|
Outstanding Salaries |
8,000 |
Cash in Hand |
1,200 |
||
|
Sundry Creditors |
16,000 |
Cash at Bank |
28,800 |
||
|
Public Deposits |
61,000 |
Stock |
40,000 |
||
|
Outstanding Liabilities |
2,000 |
Prepaid Insurance |
1,000 |
||
|
Capital A/cs: |
|
Sundry Debtors |
28,800 |
|
|
|
Deepika |
60,900 |
|
Less: reserve for D. Debts |
4,000 |
24,800 |
|
Rajshree |
49,340 |
|
Plant and Machinery |
60,000 |
|
|
Anshu |
27,560 |
1,37,800 |
Land and Building |
60,000 |
|
|
|
|
Furniture |
9,000 |
||
|
|
2,24,800 |
|
2,24,800 |
||
|
|
|
|
|
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Note: Answer is not right in the book, total of balance sheet
will not match, as case given, if ‘Anshu
is unable to bring in any cash for his share of goodwill’
If you want Match the answer
with the answer given in the book, you will have consider
goodwill has been brought in cash by new partner and add (4,440) proportion of goodwill of new partner in
the Cash balance. and show 32,000 as capital of new partner, Anshu.
Working Notes
WN1: Calculation of Sacrificing Ratio
|
|
Deepika |
Rajshree |
Anshu |
|
OLD RATION |
3 : |
2
|
|
|
NEW RATIO |
5 : |
3 : |
2 |
Sacrificing Ratio = Old Ratio − New Ratio
Deepika = 3/5-5/10=1/10
Rajshree =2/5-3/10=1/10
|
|
Deepika |
Rajshree |
|
Sacrificing
Ratio = |
1 : |
1 |
WN2: Valuation of Goodwill
Capitalised value on the basis of Anshu’s share=32,000×10/2=1,60,000
Actual Capital of all partners before adjustment of Goodwill = 58,680 + 47,120
+ 32,000= ` 1,37,800
Goodwill = Capitalised value − Actual Capital of all partners before
adjustment of Goodwill
= 1,60,000 − 1,37,800
= ` 22,200
Anshu’s share of Goodwill =22,200×2/10=4,440
Deepika and Rajshree each will entitle for Goodwill=4,440×1/2=2,220
Question 73:
Atul and Amit are partners sharing profits in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2022 is as follows:
|
Liabilities |
` |
Assets |
` |
|
|
Capital
A/cs: |
|
Plant
and Machinery |
1,80,000 |
|
|
Atul |
1,00,000 |
|
Furniture |
30,000 |
|
Amit |
1,00,000 |
2,00,000 |
Computer |
10,000 |
|
Current
A/cs: |
|
|
Stock |
40,000 |
|
Atul |
70,000 |
|
Debtors |
50,000 |
|
Amit |
50,000 |
1,20,000 |
Bills
Receivable |
10,000 |
|
Creditors |
|
40,000 |
Cash |
10,000 |
|
Bills
Payable |
|
10,000 |
Bank |
40,000 |
|
|
3,70,000 |
|
3,70,000 |
|
|
|
|
|
|
|
Abhay is admitted as a partner for
1/4th share on 1st April, 2022 on the following terms:
(a) Abhay is to bring ` 65,000 as capital after adjusting amount due to him
included in creditors and his share of Goodwill.
(b) ` 10,000 included in creditors is payable to Abhay which is
to be transferred to his Capital Account.
(c) Furniture is to reduced by ` 3,000 and Plant and Machinery is to be increased
to ` 1,98,000.
(d) Stock is overvalued by ` 4,000.
(e) A Provision for Doubtful Debts is to be created @ 5%.
(f) Goodwill is to be valued at 2 years' purchase of average profit for four
years. Profits of four years ended 31st March were as follows: 2022 − ` 25,000, 2021 − ` 10,000, 2020 − ` 2,500, and 2019 − ` 2,500.
Pass the Journal entries for the above arrangement.
Answer:
|
In the books of the Atul, Amit and Abhay Journal |
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|
Date |
Particulars |
|
L.F. |
Debit |
Credit |
|
2022 |
|
|
|
|
|
|
April 01 |
Creditors
A/c |
Dr. |
|
10,000 |
|
|
|
To Abhay’s Capital A/c |
|
|
|
10,000 |
|
|
(Being
amount due to Abhay transferred to his Capital A/c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
A/c |
Dr. |
|
60,000 |
|
|
|
To Abhay’s Capital A/c |
|
|
|
55,000 |
|
|
To Premium for Goodwill A/c (WN1) |
|
|
|
5,000 |
|
|
(Being
Capital and goodwill paid by the new partner) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Premium
for Goodwill A/c |
Dr. |
|
5,000 |
|
|
|
To Atul’s Capital A/c |
|
|
|
3,000 |
|
|
To Amit’s Capital A/c |
|
|
|
2,000 |
|
|
(Being
premium for goodwill adjusted in 3:2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revaluation
A/c |
Dr. |
|
9,500 |
|
|
|
To Furniture A/c |
|
|
|
3,000 |
|
|
To Stock A/c |
|
|
|
4,000 |
|
|
To Provision for Doubtful Debts A/c |
|
|
|
2,500 |
|
|
(Being
assets revalued and liabilities reassessed) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Plant
& Machinery A/c |
Dr. |
|
18,000 |
|
|
|
To Revaluation A/c |
|
|
|
18,000 |
|
|
(Being
appreciation in plant & machinery provided for) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revaluation
A/c (WN2) |
Dr. |
|
8,500 |
|
|
|
To Atul’s Capital A/c |
|
|
|
5,100 |
|
|
To Amit’s Capital A/c |
|
|
|
3,400 |
|
|
(Being
revaluation profit transferred to partner’s capital A/c) |
|
|
|
|
|
|
|
|
|
|
|
Working Notes:
1. Calculation of Goodwill brought in by Abhay:
|
Average
Profits |
= |
(Normal
profits from 31st March, 2019 to 31st March, 2022)/2 |
|
|
= |
` (25,000 + 10,000 + 2,500 + 2,500)/4= ` 10,000 |
|
Goodwill |
= |
Average
Profits × No. of years of Purchase |
|
|
= |
`(10,000 × 2) = ` 20,000 |
|
Goodwill brought in by Abhay |
= |
`(20,000 × 1/4) = ` 5,000 |
2. Calculation of Revaluation Profit/Loss:
Debit side total = ` (3,000 + 4,000 + 2,500) =
` 9,500 Credit side
total= ` 18,000 Gain on Revaluation = ` (18,000 – 9,500) = ` 8,500
Question 74: Sunaina and Tamanna are partners in a firm sharing
profits and losses in the ratio of 3:2.Their Balance Sheet as at 31st March,
2020 stood as follows:
|
Liabilities |
` |
Assets |
` |
||
|
Capital A/cs: |
|
Plant and Machinery |
1,20,000 |
||
|
Sunaina Tamanna |
60,000 80,000 |
1,40,000 |
Land and Building |
1,40,000 |
|
|
Current A/cs: Sunaina Tamanna |
10,000 30,000 |
40,000 |
Debtors Less: Provision for Doubtful Debts |
1,90,000 40,000 |
1,50,000 |
|
General Reserve Workmen Compensation Reserve Creditors |
1,20,000 50,000 1,50,000 |
Stock Cash Goodwill |
40,000 30,000 1,50,000 |
||
|
|
5,00,000 |
|
5,00,000 |
||
They agreed to admit Pranav into partnership for 1/5th share of profits on 1st April, 2020, on the following terms:
(a) All Debtors are good.
(b) Value of Land and Building to be increased to `1,80,000.
(c) Value of Plant and Machinery to be reduced by `20,000.
(d) The liability against Workmen's Compensation Fund is determined at `20,000 which is to be paid later in the year.
(e) Anil, to whom `40,000 were payable (already included in above creditors), drew a bill of exchange for 3 months which was duly accepted.
(f) Pranav to bring in capital of `1,00,000 and `10,000 as premium for goodwill in cash.
Journalise. (CBSE Sample Paper 2020)
Answer:
|
Date |
Particulars |
` (Dr.) |
` (Cr.) |
|
|
|
Debtors a/c Land and Building a/c To Revaluation a/c (Being Increase in Value of Debtors ,Land and Building ) |
Dr. Dr. |
40,000 40,000 |
80,000 |
|
|
Revaluation a/c To Plant and Machinery a/c (Being Decrease in Value of Plant and Machinery ) |
Dr. |
20,000 |
20,000 |
|
|
Revaluation a/c To Sunaina’s Current a/c To Tamanna’s Current a/c (Being Distribution of revolution profit ) |
Dr. |
60,000 |
36,000 24,000 |
|
|
Creditors a/c To Bills Payables a/c (Being Bills exchange accepted ) |
Dr. |
40,000 |
40,000 |
|
|
Workmen Compensation Reserve a/c To Workmen Compensation Claim a/c To Sunaina’s Current a/c To Tamanna’s Current a/c (Being Workmen Compensation Claim is transferred to Workmen Compensation Reserve a/c and balance is transferred to partners Current a/c) |
|
50,000 |
20,000 18,000 12,000 |
|
|
General Reserve a/c To Sunaina’s Current a/c To Tamanna’s Current a/c (Being general reserve is transferred to partners Current a/c) |
Dr. |
1,20,000 |
72,000 48,000 |
|
|
Cash a/c To Sunaina’s Current a/c To Tamanna’s Current a/c (Being Premium for goodwill is transferred to partners Current a/c in sacrificing ratio) |
|
1,10,000 |
6,000 4,000 |
|
|
Sunaina’s Current a/c Tamanna’s Current a/c To Goodwill a/c (Being old goodwill is Written off in old ratio) |
|
12,000 8,000 |
20,000 |
Question 75:
Following is the
Balance Sheet of Jay
and Veeru
as at 31st March, 2022 who are partners in a firm sharing profits and losses in
the ratio of 3 : 2 respectively:
|
Liabilities |
` |
Assets |
` |
||
|
Creditors |
45,000 |
Cash
at Bank |
15,000 |
||
|
General
Reserve |
|
36,000 |
Debtors |
60,000 |
|
|
Capital
A/cs: |
|
|
Less: Provision for
Doubtful Debts |
2,400 |
57,600 |
|
Jay |
1,80,000 |
|
Patents |
|
44,400 |
|
Veeru |
90,000 |
2,70,000 |
Investments |
24,000 |
|
|
Current
A/cs: |
|
Fixed
Assets |
|
2,16,000 |
|
|
Jay |
30,000 |
|
Goodwill |
30,000 |
|
|
Veeru |
6,000 |
36,000 |
|
|
|
|
|
|
|
|
|
|
|
|
3,87,000 |
|
3,87,000 |
||
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Sri
is admitted as a new partner on 1st April, 2022 on the following terms:
(a) Provision for doubtful debts is to be maintained at 5% on Debtors.
(b) Outstanding rent amounted to ` 15,000.
(c) An accrued income of ` 4,500 does not appear in the books of the firm. It is now
to be recorded.
(d) Jay
takes over the Investments at an agreed value of ` 18,000.
(e) New Profit-sharing Ratio of partners will be 4 : 3 : 2.
(f) Sri
will bring in ` 60,000 as his capital by cheque.
(g) Sri
is to pay an amount equal to his share in firm's goodwill valued at twice the
average profit of the last three years which were ` 90,000; ` 78,000 and ` 75,000 respectively.
(h) Half of the amount of goodwill is to be withdrawn by Jay and Veeru.
You are required to pass Journal entries, prepare Revaluation Account,
Partners' Capital and Current Accounts and the Balance Sheet of the new firm.
Answer:
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Revaluation Account |
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Dr. |
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Cr. |
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Particulars |
` |
Particulars |
` |
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Prov. for D. Debts |
600 |
Accrued Income |
4,500 |
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Outstanding Rent |
15,000 |
Loss transferred to |
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Investments |
6,000 |
Jay’s Current A/c |
10,260 |
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Veeru’s Current A/c |
6,840 |
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21,600 |
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21,600 |
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Partners’ Capital Accounts |
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Dr. |
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Cr. |
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Particulars |
Jay |
Veeru |
Sri |
Particulars |
Jay |
Veeru |
Sri |
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Balance b/d |
1,80,000 |
90,000 |
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Balance c/d |
1,80,000 |
90,000 |
60,000 |
Bank |
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60,000 |
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1,80,000 |
90,000 |
60,000 |
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1,80,000 |
90,000 |
60,000 |
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Partners’ Current Accounts |
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Dr. |
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Cr. |
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Particulars |
Jay |
Veeru |
Sri |
Particulars |
Jay |
Veeru |
Sri |
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Revaluation |
10,260 |
6,840 |
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Balance b/d |
30,000 |
6,000 |
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Goodwill |
18,000 |
12,000 |
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General
Reserve |
21,600 |
14,400 |
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Bank |
12,600 |
5,400 |
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Premium for Goodwill |
25,200 |
10,800 |
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Investments |
18,000 |
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Balance c/d |
17,940 |
6,960 |
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76,800 |
31,200 |
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76,800 |
31,200 |
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Balance Sheet |
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Liabilities |
` |
Assets |
` |
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Capital A/cs: |
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Patents |
44,400 |
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Jay |
1,80,000 |
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Fixed
Assets |
2,16,000 |
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Veeru |
90,000 |
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Accrued
Income |
4,500 |
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Sri |
60,000 |
3,30,000 |
Cash
at Bank (15,000 + 96,000 – 18,000) |
93,000 |
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Outstanding Rent |
15,000 |
Debtors |
60,000 |
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Current A/cs: |
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Less: 5% Reserve for D. Debts |
3,000 |
57,000 |
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Jay |
17,940 |
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Veeru |
6,960 |
24,900 |
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Creditors |
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45,000 |
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4,14,900 |
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4,14,900 |
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Journal |
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Particulars |
L.F. |
Debit ` |
Credit ` |
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Bank A/c |
Dr. |
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96,000 |
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To Sri’s Capital |
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60,000 |
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To Premium for Goodwill |
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36,000 |
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(Z brought Capital and share of goodwill) |
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Premium for Goodwill A/c |
Dr. |
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36,000 |
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To Jay’s Current A/c |
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25,200 |
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To Veeru’s Current A/c |
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10,800 |
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(Premium for
Goodwill transferred to partners |
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Jay
's Current
A/c
Dr. |
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12,600 |
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Veeru 's Current
A/c
Dr. |
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5,400 |
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To BankA/c |
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18,000 |
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(Half of goodwill withdrawn by partners) |
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Working Notes:
WN1 Calculation of Sri 's Share of Premium for Goodwill
Average Profits=90,000+78,000+75,0003=
` 81,000
Firm's Goodwill=81,000×2= ` 1,62,000
Sri 's share=1,62,000×2/9= ` 36,000
` 36,000 will be distributed between Jay
and Veeru in sacrificing ratio.
WN2 Calculation of Sacrificing Ratio
Sacrificing Ratio=Old Ratio-New Ratio
Jay
's sacrifice=3/5-4/9=7/45
Y's sacrifice=2/5-3/9=3/45
Sacrificing Ratio=7 : 3
WN3 Calculation of Share of Premium of Goodwill
Jay
's share=36,000×7/10= ` 25,200
Veeru
's share=36,000×3/10= ` 10,800
WN4 Distribution of Loss on Revaluation
Jay 's share=17,100×3/5= ` 10,260
Veeru
's share=17,100×2/5= ` 6,840
Ts Grewal Solution 2022-2023
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Class 12 / Volume – I
Chapter 1 – Admission of a Partner
Question No. 1 To 5
Question No. 5 To 10
Question No. 11 To 15
Question No. 16 To 20
Question No. 21 To 25
Question No. 26 To 30
Question No. 31 To 35
Question No. 36 To 40
Question No. 41 To 45
Question No. 46 To 50
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Question No. 84 To 86
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