Q.1) Anil, Nikhil & Sushil are partners sharing profits & losses in the ratio of 4:3:2.

Nikhil
retires and the goodwill of the firm is 3,60,000. Pass the necessary journal entries for
goodwill. Anil & Sushil decided to share future profits in the ratio of 5:3.
Goodwill appear in old books 1,80,000.
Q.2) X, Y and Z were in partnership sharing profits in proportion to their capitals.
Their Balance Sheet as on 31st march, 2018 was as follow

Liabilities Amount Assets Amount

Sundry creditors 16,600 Cash 15,000
Workmen compensation 9,000 Debtors 21,000
fund Less PFDD (1,400) 19,600
General reserve 6,000 Stock 19,000
Capital of X 90,000 Machinery 58,000
Capital of Y 60,000 Building 1,00,000
Capital of Z 30,000
2,11,600 2,11,600
On the above date Y retired owing to ill health. The following adjustments were agreed
upon for calculation of amount due to Y:
a) Provision for doubtful debts to be increased to 10% of debtors
b) Goodwill of the firm be valued at 36,000 and be adjusted into the capital account of
X and Z, who will share profits in future in the ratio of 3:1.
c) Included in the value of sundry creditors was 2,500 for an outstanding legal claim
which will not arise
d) X and Z also decided that the total capital of the new firm will be 1,20,000 in their
profit sharing ratio actual cash to be brought in or to be paid off as the case may be
e) Y to be paid 9,000 immediately and balance to be transferred to his loan account
f) Prepare Revaluation account, Partner’s capital and Balance sheet of the new firm
after Y’s retirement
Q.3) Asha, Deepa and Lata are partners in a firm sharing profits in the ratio of 3 : 2 : 1.
Deepa retires. After making all adjustments relating to revaluation, goodwill and
accumulated profit etc., the capital accounts of Asha and Lata showed a credit balance of
Rs. 1,60,000 and Rs. 80,000 respectively. It was decided to adjust the capitals of Asha and
Lata in their new profit sharing ratio. You are required to calculate the new capitals of the
partners and record necessary journal entries for bringing in or withdrawal of the necessary
amounts involved.
 THANK YOU

SHARE, IF YOU ENJOYED