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M.230 An Aid to Accountancy—CBSE XII

12. X and Y are in partnership sharing profits and losses in the ratio of 3 : 1. They admit
Z for 1/3rd share of the profits. The partners decided that the new firm will engage a
person to keep area around the business premises neat. From the following Journal
entries, calculate the New Profit-sharing Ratio:

JOURNAL
Date Particulars L.F. Dr. (`) Cr. (`)
Bank A/c ...Dr. 22,500
To Premium for Goodwill A/c 22,500
(Being the amount brought in by Z towards goodwill)
Premium for Goodwill A/c ...Dr. 22,500
Z’s Capital A/c ...Dr. 15,000
To X’s Capital A/c 37,500
(Being the gained share of goodwill of new partner credited to
sacrificing partner)
Y’s Capital A/c ...Dr. 9,375
To X’s Capital A/c 9,375
(Being the adjustment made on account of change in
profit-sharing ratio)
(4)
13. Players’ Sports & Social Club prepared following Receipts and Payments Account for
the year ended 31st March, 2018:

Dr. RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2018 Cr.
Receipts ` Payments `
To Balance b/d: By Salaries 84,500
Cash in Hand 20,000 By Printing 20,700
Cash at Bank 31,920 51,920 By Repairs to Sports Equipments 8,000
To Subscriptions: By Competition Prizes 22,000
2016–17 6,200 By Cultural Evening Expenses 20,600
2017–18 1,40,800 1,47,000 By Purchase of New Van (1st April, 2017) 63,000
To Competition Fees 25,900 By Van Expenses 12,000
To Proceeds from Sale of Van 10,000 By Sundry Expenses 11,800
(1st April, 2017) By Balance c/d:
To Sales of Tickets for Cultural Evening 17,780 Cash in Hand 2,000
Cash at Bank 8,000 10,000
2,52,600 2,52,600

Additional Information:
(i) The assets and liabilities at the start and end of 2017–18 were:
Date Value of Computer Sports Equipments Subscription in Arrear
(Cost ` 20,000) (written Down Value)
1st April, 2017 ` 16,000 ` 62,000 ` 14,400
31st March, 2018 ` 14,000 ` 54,000 ` 16,200