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M.162 An Aid to Accountancy—CBSE XII

Working Notes:
1. Calculation of Gain/(Sacrifice) of Share:
Partners New Share Old Share Difference = New Share – Old Share
X 3/6 2/6 3/6 – 2/6 = 1/6 (Gain)
Y 2/6 3/6 2/6 – 3/6 = – 1/6 (Sacrifice)
Z 1/6 1/6 0

2. Valuation and Adjustment of Goodwill:
` 1,20,000 + 2,32,500 + 3,45,000` `
Average Profit = = ` 2,32,500
3
Firm’s Goodwill = ` 2,32,500 × 2 = ` 4,65,000
Y’s Share of Goodwill = ` 4,65,000 × 1/6 = ` 77,500, which will be contributed by X (as he alone gains).

14.
Dr. REALISATION ACCOUNT Cr.
Particulars ` Particulars `
To Furniture A/c 11,000 By Provision for Doubtful Debts A/c 1,200
To Debtors A/c 1,24,200 By Loan A/c 11,500
To Stock A/c 17,800 By Creditors A/c 16,000
To Other Sundry Assets A/c 1,17,000 By X’s Capital A/c:
To X’s Capital A/c (Creditors) (WN 2) 16,000 Furniture 8,000
To Z’s Capital A/c (Loan with interest) (WN 3) 13,800 Debtors 1,17,200 1,25,200
To Cash A/c (Expenses) 2,700 By Y’s Capital A/c:
Stock 17,000
Sundry Assets 72,000 89,000
By Z’s Capital A/c:
Sundry Assets 29,600
[(` 1,17,000 – ` 80,000) 80/100]
By Cash A/c (Debtors) (WN 1) 2,100
By Loss transferred to:
X’s Capital A/c 11,160
Y’s Capital A/c 11,160
Z’s Capital A/c 5,580 27,900
3,02,500 3,02,500

Dr. PARTNERS’ CAPITAL ACCOUNTS Cr.
Particulars X (`) Y (`) Z (`) Particulars X (`) Y (`) Z (`)
To Realisation A/c (Assets) 1,25,200 89,000 29,600 By Balance b/d 1,27,500 1,10,000 17,000
To Realisation A/c (Loss) 11,160 11,160 5,580 By Realisation A/c 16,000 ... 13,800
To Cash A/c 7,140 9,840 ... By Cash A/c ... ... 4,380
(Balancing Figure) (Balancing Figure)
1,43,500 1,10,000 35,180 1,43,500 1,10,000 35,180

Dr. CASH ACCOUNT Cr.
Particulars ` Particulars `
To Balance b/d 13,200 By Realisation A/c (Expenses) 2,700
To Realisation A/c (Debtors) 2,100 By X’s Capital A/c 7,140
To Z’s Capital A/c 4,380 By Y’s Capital A/c 9,840
19,680 19,680