Question

-
Chaman Daman and Karan were partners
sharing profit in the ratio of 5:3:2.
Daman retired and on the date of his
retirement General reserve existed at
Rs. 100000 and profit and loss
account (Dr.) at Rs 50000. Compute the
net amount that will be credit to
Daman's Capital account -​

Answer 1

Explanation:

General reserve 1,00,000

less- profit and loss (dr) (50,000)

Net effect 50,000

so amt. that will credit is 50000× 3/10= 15,000

Answer 2

Daman's Capital account = 15,000

Explanation:

Given:

Sharing profit in the ratio = 5 : 3 : 2

General reserve = 100,000

Profit and loss account's Dr. balance = 50,000

Computation of net sharing amount:

Net sharing amount = General reserve - Profit and loss account's Dr. balance

Net sharing amount = 100,000 - 50,000

Net sharing amount = 50,000

Computation of Daman's Capital account :

Daman's Capital account = Net sharing amount × Daman's sharing ratio

Daman's Capital account = 50,000 × (3 / 10)

Daman's Capital account = 15,000

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