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Standard XII

Accountancy

Salary/Commission

X and Y are p...

Question

X and Y are partners who share net income in the ratio of 4:3 respectively and have Capital balances of Rs. 10,000 and 8,000 respectively. Z is admitted for 1/8 share and brings Rs. 6,000 for Capital and Rs. 4,200 for goodwill. The new Capital balances of X, Y and Z respectively are Rs.:

10,000, 8,000 and 10,200

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12,100, 10,100 and 6,000

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10,000, 8,000 and 6,000

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12,400, 9,800 and 6,000

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Solution

The correct option is C 12,400, 9,800 and 6,000
New profit sharing ratio will be = 4 : 3 : 1
Goodwill is to be shared amongst X and Y in Sacrificing ratio = 4 : 3.
4200 * 4/ 7 = 2400
4200 * 3 / 7 = 1800
Now, The new capital balances of X,Y and Z will be :
X = 10000 + 2400 = 12400
Y = 8000 + 1800 = 9800
Z = 6000

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