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A and B who share profit and losses in the ratio of 3 : 2 has the following balances capital of A rupees 50000 and capital of B rupees 30000. reserve funds 15000. they admit C as a partner, who contributes to the firm rs 25000 for 1/6th share in the partnership. if C is to purchase 1/6th share in the partnership from the existing partners A and B in the ratio of 3:2 for rs 25000. find closing capital of C?
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A and B who share profit and losses in the ratio of 3 : 2 has the foll...
Calculating Closing Capital of C in Partnership with A and B
Given Data:
- Ratio of profit and losses shared by A and B: 3 : 2
- Capital of A: Rs 50,000
- Capital of B: Rs 30,000
- Reserve Funds: Rs 15,000
- C contributes Rs 25,000 for 1/6th share in the partnership
- C purchases 1/6th share from A and B in the ratio of 3:2 for Rs 25,000
Step 1: Calculate the Total Capital of the Partnership
Total Capital = Capital of A + Capital of B + Reserve Funds
Total Capital = Rs 50,000 + Rs 30,000 + Rs 15,000
Total Capital = Rs 95,000
Step 2: Calculate the Share of A and B in the Partnership
Total Ratio of Profit and Losses = 3 + 2 = 5
Share of A = (3/5) x Total Capital
Share of A = (3/5) x Rs 95,000
Share of A = Rs 57,000
Share of B = (2/5) x Total Capital
Share of B = (2/5) x Rs 95,000
Share of B = Rs 38,000
Step 3: Calculate the Amount Paid by C to A and B
Ratio of Share Purchased by C from A and B = 3 : 2
Total Amount Paid by C = Rs 25,000
Amount Paid to A = (3/5) x Rs 25,000
Amount Paid to A = Rs 15,000
Amount Paid to B = (2/5) x Rs 25,000
Amount Paid to B = Rs 10,000
Step 4: Calculate the New Share of A and B in the Partnership
Share of A after selling 1/6th share = Rs 57,000 - Rs 15,000
Share of A after selling 1/6th share = Rs 42,000
Share of B after selling 1/6th share = Rs 38,000 - Rs 10,000
Share of B after selling 1/6th share = Rs 28,000
Step 5: Calculate the Share of C in the Partnership
Total Share of the Partnership = Share of A + Share of B + Share of C
Total Share of the Partnership = Rs 42,000 + Rs 28,000 + Rs 25,000
Total Share of the Partnership = Rs 95,000
Share of C = (1/6) x Total Share of the Partnership
Share of C = (1/6) x Rs 95,000
Share of C = Rs 15,833.33
Step 6: Calculate the Closing Capital of C
Closing Capital of C = Share of C - Amount Paid by C
Closing Capital of C = Rs 15,833.33 - Rs 25,000
Closing Capital of C = -Rs 9,166.67 (Negative balance means C has to bring in more capital)
Therefore, the closing capital of C is -Rs 9,166.67 which indicates that C has to bring in more capital to balance the books.
Given Data:
- Ratio of profit and losses shared by A and B: 3 : 2
- Capital of A: Rs 50,000
- Capital of B: Rs 30,000
- Reserve Funds: Rs 15,000
- C contributes Rs 25,000 for 1/6th share in the partnership
- C purchases 1/6th share from A and B in the ratio of 3:2 for Rs 25,000
Step 1: Calculate the Total Capital of the Partnership
Total Capital = Capital of A + Capital of B + Reserve Funds
Total Capital = Rs 50,000 + Rs 30,000 + Rs 15,000
Total Capital = Rs 95,000
Step 2: Calculate the Share of A and B in the Partnership
Total Ratio of Profit and Losses = 3 + 2 = 5
Share of A = (3/5) x Total Capital
Share of A = (3/5) x Rs 95,000
Share of A = Rs 57,000
Share of B = (2/5) x Total Capital
Share of B = (2/5) x Rs 95,000
Share of B = Rs 38,000
Step 3: Calculate the Amount Paid by C to A and B
Ratio of Share Purchased by C from A and B = 3 : 2
Total Amount Paid by C = Rs 25,000
Amount Paid to A = (3/5) x Rs 25,000
Amount Paid to A = Rs 15,000
Amount Paid to B = (2/5) x Rs 25,000
Amount Paid to B = Rs 10,000
Step 4: Calculate the New Share of A and B in the Partnership
Share of A after selling 1/6th share = Rs 57,000 - Rs 15,000
Share of A after selling 1/6th share = Rs 42,000
Share of B after selling 1/6th share = Rs 38,000 - Rs 10,000
Share of B after selling 1/6th share = Rs 28,000
Step 5: Calculate the Share of C in the Partnership
Total Share of the Partnership = Share of A + Share of B + Share of C
Total Share of the Partnership = Rs 42,000 + Rs 28,000 + Rs 25,000
Total Share of the Partnership = Rs 95,000
Share of C = (1/6) x Total Share of the Partnership
Share of C = (1/6) x Rs 95,000
Share of C = Rs 15,833.33
Step 6: Calculate the Closing Capital of C
Closing Capital of C = Share of C - Amount Paid by C
Closing Capital of C = Rs 15,833.33 - Rs 25,000
Closing Capital of C = -Rs 9,166.67 (Negative balance means C has to bring in more capital)
Therefore, the closing capital of C is -Rs 9,166.67 which indicates that C has to bring in more capital to balance the books.
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A and B who share profit and losses in the ratio of 3 : 2 has the following balances capital of A rupees 50000 and capital of B rupees 30000. reserve funds 15000. they admit C as a partner, who contributes to the firm rs 25000 for 1/6th share in the partnership. if C is to purchase 1/6th share in the partnership from the existing partners A and B in the ratio of 3:2 for rs 25000. find closing capital of C?
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A and B who share profit and losses in the ratio of 3 : 2 has the following balances capital of A rupees 50000 and capital of B rupees 30000. reserve funds 15000. they admit C as a partner, who contributes to the firm rs 25000 for 1/6th share in the partnership. if C is to purchase 1/6th share in the partnership from the existing partners A and B in the ratio of 3:2 for rs 25000. find closing capital of C? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about A and B who share profit and losses in the ratio of 3 : 2 has the following balances capital of A rupees 50000 and capital of B rupees 30000. reserve funds 15000. they admit C as a partner, who contributes to the firm rs 25000 for 1/6th share in the partnership. if C is to purchase 1/6th share in the partnership from the existing partners A and B in the ratio of 3:2 for rs 25000. find closing capital of C? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A and B who share profit and losses in the ratio of 3 : 2 has the following balances capital of A rupees 50000 and capital of B rupees 30000. reserve funds 15000. they admit C as a partner, who contributes to the firm rs 25000 for 1/6th share in the partnership. if C is to purchase 1/6th share in the partnership from the existing partners A and B in the ratio of 3:2 for rs 25000. find closing capital of C?.
A and B who share profit and losses in the ratio of 3 : 2 has the following balances capital of A rupees 50000 and capital of B rupees 30000. reserve funds 15000. they admit C as a partner, who contributes to the firm rs 25000 for 1/6th share in the partnership. if C is to purchase 1/6th share in the partnership from the existing partners A and B in the ratio of 3:2 for rs 25000. find closing capital of C? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about A and B who share profit and losses in the ratio of 3 : 2 has the following balances capital of A rupees 50000 and capital of B rupees 30000. reserve funds 15000. they admit C as a partner, who contributes to the firm rs 25000 for 1/6th share in the partnership. if C is to purchase 1/6th share in the partnership from the existing partners A and B in the ratio of 3:2 for rs 25000. find closing capital of C? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A and B who share profit and losses in the ratio of 3 : 2 has the following balances capital of A rupees 50000 and capital of B rupees 30000. reserve funds 15000. they admit C as a partner, who contributes to the firm rs 25000 for 1/6th share in the partnership. if C is to purchase 1/6th share in the partnership from the existing partners A and B in the ratio of 3:2 for rs 25000. find closing capital of C?.
Solutions for A and B who share profit and losses in the ratio of 3 : 2 has the following balances capital of A rupees 50000 and capital of B rupees 30000. reserve funds 15000. they admit C as a partner, who contributes to the firm rs 25000 for 1/6th share in the partnership. if C is to purchase 1/6th share in the partnership from the existing partners A and B in the ratio of 3:2 for rs 25000. find closing capital of C? in English & in Hindi are available as part of our courses for CA Foundation.
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A and B who share profit and losses in the ratio of 3 : 2 has the following balances capital of A rupees 50000 and capital of B rupees 30000. reserve funds 15000. they admit C as a partner, who contributes to the firm rs 25000 for 1/6th share in the partnership. if C is to purchase 1/6th share in the partnership from the existing partners A and B in the ratio of 3:2 for rs 25000. find closing capital of C?, a detailed solution for A and B who share profit and losses in the ratio of 3 : 2 has the following balances capital of A rupees 50000 and capital of B rupees 30000. reserve funds 15000. they admit C as a partner, who contributes to the firm rs 25000 for 1/6th share in the partnership. if C is to purchase 1/6th share in the partnership from the existing partners A and B in the ratio of 3:2 for rs 25000. find closing capital of C? has been provided alongside types of A and B who share profit and losses in the ratio of 3 : 2 has the following balances capital of A rupees 50000 and capital of B rupees 30000. reserve funds 15000. they admit C as a partner, who contributes to the firm rs 25000 for 1/6th share in the partnership. if C is to purchase 1/6th share in the partnership from the existing partners A and B in the ratio of 3:2 for rs 25000. find closing capital of C? theory, EduRev gives you an
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