Question

sandeep pravin and tara are the partners sharing profit in the ratio of 3:2:1 . on 1st april 2012 sandeep gave a notice to retire from the firm . pravin and tara decided to share future profit in the ratio of2:3 . the capital accouts of pravin and tara after all adjustments showed a balance of 64000 and 100000 respectively the total amount to be paid to sandeep was 123000 . this amout was to be paid by pravin and tara in sucg a way that their capital becomes proportionate to their new profit sharing ratio​

Answer 1

Answer:

Explanation:Cash A/c Dr.            123,000  

   To Praveen's Capital A/c                   50,800

   To Tara's Capital A/c                   72,200

 (Being cash brought in)      

       

 Sandeep's Capital A/c Dr.            123,000  

   To Cash A/c                123,000

 (Being paid to sandeep on retirement)

Answer 2

Let's first calculate the total capital of the firm before Sandeep's retirement. Since the profit sharing ratio is 3:2:1, we can assume that the initial capital contribution of Sandeep, Pravin, and Tara were in the ratio of 3:2:1. Let's assume that the total capital of the firm was C.

Then, we can write:

Sandeep's capital = 3C/6 = C/2

Pravin's capital = 2C/6 = C/3

Tara's capital = C/6

We know that on April 1, 2012, Sandeep retired from the firm. Therefore, we need to calculate the total capital of the remaining partners (Pravin and Tara) after all adjustments. Let's assume that their new total capital is T.

Then, we can write:

Pravin's new capital = 2T/5

Tara's new capital = 3T/5

We know that the total amount to be paid to Sandeep was 123000. Since Sandeep's capital was C/2, we can write:

C/2 = 123000/(2/6)

C/2 = 369000

Therefore, the total capital of the firm before Sandeep's retirement was C = 2*369000 = 738000.

Now, we need to calculate the amount to be paid to Sandeep as his share of the capital. Since Sandeep is retiring from the firm, his share of the capital will be equal to his capital before retirement, which is C/2. Therefore, the amount to be paid to Sandeep as his share of the capital is:

Amount to be paid to Sandeep = C/2 = 738000/2 = 369000

We also know that the remaining partners (Pravin and Tara) will pay this amount in such a way that their new capital becomes proportionate to their new profit sharing ratio, which is 2:3. Therefore, the ratio of their new capitals will be 2:3.

Let's assume that the amount paid by Pravin and Tara are X and Y respectively. Then, we can write:

X + Y = 123000 (total amount to be paid to Sandeep)

Pravin's new capital after payment = 64000 - X + C/3

Tara's new capital after payment = 100000 - Y + 2C/3

We know that after the payment, their new capitals will be in the ratio of 2:3. Therefore, we can write:

(64000 - X + C/3)/(100000 - Y + 2C/3) = 2/3

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