II 7. 0 Financial Statements of Not-for-Profit Organisations 27 3. Following is the Receipts and Payments Account of Citizen Club for the year ended 31st March, 2021 : Receipts ₹ Payments ₹ To Balance b/d 2,40,000 By Rent To Subscriptions (including 10,000 (paid for 11 months) 1,76,000 for 2021-22) 5,80,000 By Insurance 3,000 To Life Membership Fee 25,000 By Salaries 2,64,000 To Interest on Investments By Stationery purchased 60,000 (@7% p.a. for full year) 28,000 By Balance c/d 3,70,000 0 8,73,000 8,73,000 Prepare Income and Expenditure Account for the year ending 31st March, 2021 and the Balance Sheet as at that date after considering the following information: (i) Subscription in arrear on 31st March, 2020 were 30,000 and on 31st March, 2021 were 48,000. (ü) Stock of stationery on 31st March, 2020 was 5,000 and on 31st March, 2021 were 14,000. (i) Insurance was paid on 1st January 2021, run for one year. [Ans. Surplus 1,08,250; Opening Capital Fund 6,75,000; Balance Sheet Total 8,34,250.) Hints: (i) As interest received is 28,000, the value of Investments at the beginning of 100 the year = 28,000 x = 4,00,000. 7 (ii) Stationery consumed to be shown on the Dr. side of Income and Expenditure A/c = 5,000 + 60,000 - 14,000 = * 51,000. Dumonte Anunt NotroLitromy Society
Answers
Answer:
Old ratio (X and Y) = 3 : 1
Z is admitted for 1/3 share
Let the combined share of profit for all partners after Z's admission = 1
Combined share of X and Y after Z's admission = 1 - Z's share
= 1 - (1/3)
= 2/3
New ratio = Old ratio * Combined share of X and Y
X's new share = (3/4) * (2/3)
= 2/4
Y's new share = (1/4) * (2/3)
= 1/6
Z's share = 1/3
Therefore, new share of X, Y and Z = (2/4), (1/6) and (1/3)
= (6/12), (2/12) and (4/12)
= 6 : 2 : 4 or 3 : 1 : 2
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