52 :- Sushil, Satish and Samir are partners sharing profits in the ratio of 5:3:2. Satish retires on 1st April 2025 from the firm, on which date capitals of Sushil, Satish and Samir after all adjustments are Rs 1,03,680, Rs 87,840 and Rs 26,880 respectively. Cash and Bank balance on that date was Rs 9,600. Satish is to be paid through amount brought 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 by the continuing partner if minimum cash and bank balance of Rs 7,200 was to be maintained and pass the necessary journal entries.
Solution :-
Total capital of the new firm = Sushil’s capital + Satish’s capital + Samir’s capital – (current bank balance – minimum bank balance)
= 1,03,680 + 87,840 + 26,880 – (9,600 – 7,200)
= Rs 2,16,000
Sushil’s capital in new firm = 2,16,000 x 3/5 = Rs 1,29,600
Less : Sushil adjusted capital = Rs 1,03,680
Sushil brings in cash = Rs 25,920
Samir’s capital in new firm = 2,16,000 x 2/5 = Rs 86,400
Less: Samir’s adjusted capital = Rs 26,880
Sameer brings in cash = Rs 59,520