Sushil, Satish and Samir are partners sharing profits in the ratio of 5 : 3 : 2. Satish retires on 1st April, 2021 from the firm, on which date capitals of Sushil, Satish and Samir after all adjustments are ` 1,03,680, ` 87,840 and ` 26,880 respectively. The Cash and Bank Balance on that date was ` 9,600. Satish is to be paid through amount brought in by Sushil and Samir in such a way as to make their capitals proportionate to their new profit-sharing ratio which will be Sushil 3/5 and Samir 2/5. Calculate the amount to be paid or to be brought in by the continuing partners assuming that a minimum Cash and Bank balance of ` 7,200 was to be maintained and pass the necessary Journal entries

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13-08-2022
Business

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Sushil, Satish and Samir are partners sharing profits in the ratio of 5 : 3 : 2. Satish retires on 1st April, 2021 from the firm, on which date capitals of Sushil, Satish and Samir after all adjustments are ` 1,03,680, ` 87,840 and ` 26,880 respectively. The Cash and Bank Balance on that date was ` 9,600. Satish is to be paid through amount brought in by Sushil and Samir in such a way as to make their capitals proportionate to their new profit-sharing ratio which will be Sushil 3/5 and Samir 2/5. Calculate the amount to be paid or to be brought in by the continuing partners assuming that a minimum Cash and Bank balance of ` 7,200 was to be maintained and pass the necessary Journal entries

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abiolataiwo2015 abiolataiwo2015 · Answer 1 · 2022-08-17T18:25:36+02:00

The amount to be paid or to be brought in by the continuing partners assuming that a minimum Cash and Bank balance of ` 7,200 was to be maintained and pass the necessary Journal entries is: Sushil's 25,920, Samir's 59,520 .

Partnership

First step is to calculate Availability of cash

Total capital of firm before retirement

Total capital of firm before retirement = 103,680+87,840+26,880

Total capital of firm before retirement=218,400

Availability of cash = 9,600-7,200

Availability of cash = 2,400

Second step is to calculate New capital of Sushil and Samir

New capital of Sushil and Samir=218,400-2,400

New capital of Sushil and Samir =216,000

Third step is to calculate Amount Sushil bring

Sushil's new capital = 216,000×3/5

Sushil's new capital =129,600

Amount Sushil bring

Existing capital of Sushil 103,680

Amount = 129,600−103,680

Amount=25,920

Fourth step is to calculate Amount Samir bring

Samir's new capital = 216,000×2/5

Samir's new capital =86,400

Amount Samir bring

Existing capital of Samir = 26,880

Amount= 86,400−26,880

Amount=59,520

Therefore the amount to be paid or to be brought in by the continuing partners assuming that a minimum Cash and Bank balance of ` 7,200 was to be maintained and pass the necessary Journal entries is: Sushil's 25,920, Samir's 59,520 .

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