CBSE 2025, Set 1

Question

Ashmit, Veena and Rohan were partners in a firm sharing profits and losses in the ratio of 3:2:1. Veena retired on 31st March, 2024. The capital accounts of Ashmit, Veena and Rohan showed a credit balance of ₹ 2,00,000, ₹ 1,80,000 and ₹ 1,20,000 respectively after making all adjustments relating to revaluation, goodwill, reserves etc. Veena was paid in cash brought in by Ashmit and Rohan in such a way that their capitals were in proportion to their new profit sharing ratio. The new capitals of Ashmit and Rohan will be: A). Ashmit ₹ 3,75,000 and Rohan ₹ 1,25,000 B). Ashmit ₹ 2,00,000 and Rohan ₹ 1,20,000 C). Ashmit ₹ 2,50,000 and Rohan ₹ 2,50,000 D). Ashmit ₹ 3,00,000 and Rohan ₹ 2,00,000

Edvaya · Accepted Answer

The correct answer is Ashmit ₹ 3,75,000 and Rohan ₹ 1,25,000. (A) Ashmit ₹ 3,75,000 and Rohan ₹ 1,25,000 **Explanation:** Total capital of the new firm = 2,00,000 + 1,80,000 + 1,20,000 = ₹ 5,00,000. New profit sharing ratio of Ashmit and Rohan = 3:1. Ashmit's new capital = 5,00,000 × 3/4 = ₹ 3,75,000. Rohan's new capital = 5,00,000 × 1/4 = ₹ 1,25,000.

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Accountancy > Accounting For Partnership Firms > Retirement Of A Partner

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