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CBSE Class 12-commerce Answered

A B and C are sharing profit and loss in ratio 3 :2:1 .They admitted D for 1/4 share in profit.The D share of goodwill 150000 already credited to B and C capital account  as 125000 and 25000.Find new profit sharing ratio
Asked by aaryaambastha | 03 Jun, 2020, 01:16: AM
answered-by-expert Expert Answer
Old space Profit space Share space between space straight A comma space straight B space and space Cis space 3 colon 2 colon 1 straight D space is space admitted space for space 1 divided by 4 space share space in space the space profits semicolon space Therefore comma space share space in space the space profits space for space remaining space partners space after space straight D apostrophe straight s space admission space equals space 1 minus 1 fourth space equals 3 over 4 New space Share space of space straight A comma space straight B space and space straight C space after space straight D apostrophe straight s space admission colon straight A space equals space 3 over 4 cross times 3 over 6 equals 3 over 8 straight B space equals space 3 over 4 cross times 2 over 6 equals 2 over 8 straight C space equals space 3 over 4 cross times 1 over 6 equals 1 over 8 New space Share space of space straight D colon straight D space equals space 1 fourth cross times 2 over 2 equals 2 over 8 Therefore comma space new space profit space sharing space ratio space of space the space partners space straight A comma space straight B comma space straight C space and space straight D space is space 3 colon 2 colon 1 colon 2
Answered by Surabhi Gawade | 03 Jun, 2020, 09:36: AM

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A and B shared profits in the ratio of 7:3. They dissolved the firm and appointed A to realise the assets . A is to be received 6% commission on the amount realised from Stock, Debtors, B/R and Shares The position of the firm was as follows: - Liablities Rs Assets Rs. Creditors 60000 Plant and Machinery 20000 Repairs and Renewable Reserve 4000 Prepaid Insurance 1200 Bank Loan 20000 Stock 60000 A's Capital A/c 50000 100 shares in D.C.M. Ltd. 5000 B's Capital A/c 20000 Sundry Debtors 38000 B/R 6000 Cash at Bank 8800 A's Current A/c 5000 Profit & Loss Account 10000 154000 154000 Informations : I. A realised the assets as follows: - Full amount from Sundry Debtors and except from one for 2,OOO being insolvent. Stock realised e 52,000,; Shares in D.C.M. were sold for 60 each D_C.M. were sold for each. 2. Half the trade creditors accepted plant and machinery at an agreed valuation of 10% less than the book value and cash of 7000 in full settlement of claims. 3. Remaining creditors were paid off at a discount of 10%. Expenses of realisation amounted to Rs. 700. 4. One quarter's tax amounting to 1500 was due and had to be paid 5. There was a contingent liability amounting to 13,000. It was settled for Rs. 6000. 6. Bank Loan was discharged along with interest due for two months @18% pa Prepare necessary accounts
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