46 :- Shweta, Meenu and Asha were partners in a firm sharing profits and losses in the ratio of 3:5:2. Meenu retired on 1st April, 2022. After making all adjustments relating to revaluation, goodwill and accumulated profits etc. Capital accounts of Shweta and Asha showed credit balance of Rs 3,00,000 and Rs 1,00,000 respectively. It was decided to adjust the capitals of Shweta and Asha in their new profit sharing ratio.
Pass necessary journal entries for bringing in or withdrawal of the necessary amounts involved. Show your workings clearly.
Solution :-
WORKING NOTES :-
(I) Calculation of their new capitals
Total capital of the firm = 3,00,000 + 1,00,000 + 4,00,000
It will be distributed in the ratio of 3:2
Shweta = 4,00,000 x 3/5 = Rs 2,40,000
Asha = 4,00,000 x 2/5 = Rs 1,60,000
