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M.72 An Aid to Accountancy—CBSE XII

X’s Capital A/c ...Dr. 26,490
Y’s Capital A/c ...Dr. 39,735
Z’s Capital A/c ...Dr. 66,225
To Revaluation A/c 1,32,450
(Being the loss on revaluation transferred to Partners’ Capital Accounts)

X’s Capital A/c ...Dr. 18,000
Y’s Capital A/c ...Dr. 27,000
To Z’s Capital A/c 45,000
(Being the goodwill adjusted on Z’s retirement) (WN 1 and 2)
Z’s Capital A/c ...Dr. 4,36,275
To Z’s Loan A/c 4,36,275
(Being Z’s Capital transferred to Z’s Loan A/c) (WN 3)

Working Notes:
1. Calculation of Gaining Ratio:
Gain of a Partner = New Share – Old Share
-
2 2 42 2
X’s Gain = - = =
5 10 10 10
-
3 3 63 3
Y’s Gain = - = =
5 10 10 10
2 3
Thus, Gaining Ratio of X and Y = : = 2 : 3.
10 10
2. Adjustment of Goodwill:
5
Z’s Share of Goodwill = ` 90,000 × = ` 45,000,
10
which is contributed by X and Y in their gaining ratio, i.e., 2 : 3, Thus,
2
X’s Contribution = ` 45,000 × = ` 18,000;
5
3
Y’s Contribution = ` 45,000 × = ` 27,000.
5
3. Dr. Z’S CAPITAL ACCOUNT Cr.
Particulars ` Particulars `
To Profit and Loss A/c 37,500 By Balance b/d 4,50,000
To Revaluation A/c (Loss) 66,225 By General Reserve A/c 45,000
To Z’s Loan A/c (Balancing Figure) 4,36,275 By X’s Capital A/c 18,000
By Y’s Capital A/c 27,000
5,40,000 5,40,000

17. In the Books of Mamta Fab. Ltd.
JOURNAL
Date Particulars L.F. Dr. (`) Cr. (`)
Bank A/c ...Dr. 15,00,000
To Shares Application A/c 15,00,000
(Being the application money received @ ` 20 each for 75,000 shares)