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M.188 An Aid to Accountancy—CBSE XII

10.
Dr. SUBSCRIPTION ACCOUNT Cr.
Particulars ` Particulars `
To Outstanding Subscription A/c (31.3.2017) 36,000 By Advance Subscription A/c (31.3.2017) 20,000
To Income and Expenditure A/c (80 × ` 1,000) 80,000 By Bank A/c (Subscription received) 1,02,000
To Advance Subscription A/c (31.3.2018) 24,000 By Outstanding Subscription A/c 18,000
(Balancing Figure) (31.3.2018)
1,40,000 1,40,000

11. JOURNAL
Date Particulars L.F. Dr. (`) Cr. (`)
2017
April 1 A’s Capital A/c (` 50,000 × 3/10) ...Dr. 15,000
B’s Capital A/c (` 50,000 × 3/10) ...Dr. 15,000
C’s Capital A/c (` 50,000 × 2/10) ...Dr. 10,000
D’s Capital A/c (` 50,000 × 2/10) ...Dr. 10,000
To Goodwill A/c 50,000
(Being the existing goodwill written off)
A’s Capital A/c ...Dr. 1,20,000
B’s Capital A/c ...Dr. 20,000
To C’s Capital A/c 20,000
To D’s Capital A/c 1,20,000
(Being the adjustment for goodwill made on retirement of D and
change in profit-sharing ratio)
2018
March 31 Profit and Loss Appropriation A/c ...Dr. 6,00,000
To A’s Capital A/c 3,00,000
To B’s Capital A/c 2,00,000
To C’s Capital A/c 1,00,000
(Being the amount of profit after D’s retirement distributed
among A, B and C)
Working Note: Gain/(Sacrifice) of Partner = New Share* – Old Share
3 3 15 - 9 6 2 3 10 - 9 1
A = - = = (Gain) B = - = = (Gain)
6 10 30 30 6 10 30 30
-
1 2 56 1 2 6
C = - = =- (Sacrifice) D = or (Sacrifice) .
6 10 30 30 10 30
* New Profit-sharing ratio of A, B and C is calculated on the basis of profit distributed: A—` 3,00,000;
B—` 2,00,000 and C—` 1,00,000. Thus, New Profit-sharing Ratio of A, B and C is 3 : 2 : 1.
12.
Dr. B’S CAPITAL ACCOUNT Cr.
Particulars ` Particulars `
To B’s Executors’ A/c 3,47,000 By Balance b/d 1,20,000
(Balancing Figure) By Workmen Compensation Reserve A/c 40,000
(` 1,20,000 × 2/6)
By Interest on Capital A/c 3,000
(` 1,20,000 × 10/100 × 3/12)
By Profit and Loss Suspense A/c (WN 1) 40,000
By A’s Capital A/c (WN 2) 1,08,000
By C’s Capital A/c (WN 2) 36,000
3,47,000 3,47,000