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Home Questions RSJ2GSPTA8
Target Exam

CUET

Subject

-- Accountancy Part A

Chapter

Reconstitution of Partnership Firm: Retirement and Death

Question:

K, N and P are partners sharing profits and losses in the ratio of 4:3:2. N retires and the goodwill is valued at Rs. 72,000. K and P decided to share future profits and losses in the ratio of 5:3. Identify the correct journal entry in this scenario.

Options:

K's Capital A/c Dr. 13,000
P's Capital A/c Dr. 11,000
To N's Capital A/c 24,000

K's Capital A/c Dr. 12,000
P's Capital A/c Dr. 10,000
To N's Capital A/c 22,000

K's Capital A/c Dr. 14,000
P's Capital A/c Dr. 12,000
To N's Capital A/c 26,000

K's Capital A/c Dr. 15,000
P's Capital A/c Dr. 13,000
To N's Capital A/c 28,000

Correct Answer:

K's Capital A/c Dr. 13,000
P's Capital A/c Dr. 11,000
To N's Capital A/c 24,000

Explanation:

The correct answer is Option (1) → 

K's Capital A/c Dr. 13,000
P's Capital A/c Dr. 11,000
To N's Capital A/c 24,000

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