bhavna (gautamc123@gmail.com) (70 Points)
18 June 2011
X and Y are partners sharing profits and losses in ratio of 3:2, having the following capital balances-X 50000/- and Y 40000/- .Balance in general reserve amounted to 30000/- .Debit balance in Profit and loss account was 15000/- .They admit Z as 1/5th partner who contributes to the firm 32000/- .If Z is to purchase 1/5th share from the existing partners X and Y in the ratio of 1:1, find the closing capital of Z. - Ans 21000.-How??
Mohit Bhownani
(Student)
(294 Points)
Replied 18 June 2011
Capital balance X = Rs 50000
Capital balance Y = Rs 40000
General reserve = Rs 30000
total = 120000
(-) Dr balance in P/l a/c Rs (15000)
Total capital Rs 105000
If the total capital is 105000, and if the new partner Z ratio is 1/5, then the rest 4/5 is distributed by the old partners (X and Y)
If the total capital is Rs 105000, then 1/5 capital will be Rs 21000.(Rs 105000/5 = Rs 21000)
i.e., closing capital of Z (new partner)
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 18 June 2011
| Originally posted by : Mohit Bhownani | ||
 |
Capital balance X = Rs 50000 Capital balance Y = Rs 40000 General reserve = Rs 30000 total = 120000 (-) Dr balance in P/l a/c Rs (15000) Total capital Rs 105000 If the total capital is 105000, and if the new partner Z ratio is 1/5, then the rest 4/5 is distributed by the old partners (X and Y) If the total capital is Rs 105000, then 1/5 capital will be Rs 21000.(Rs 105000/5 = Rs 21000) i.e., closing capital of Z (new partner) |
 |
good explanation
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