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Zorluk: ZorRetirement and Death of a Partner

Kemi, Lola, and Musa are in partnership sharing profits and losses in the ratio 3:2:13:2:1 respectively. Lola retires from the firm on December 31, 2025. On that date, Lola's capital account balance stands at ₦50,000\text{₦}50,000 (credit) and her current account balance is ₦4,000\text{₦}4,000 (credit). Revaluation of partnership assets yields a net profit of ₦18,000\text{₦}18,000, and the firm's goodwill is valued at ₦36,000\text{₦}36,000. During the accounting period, Lola made drawings amounting to ₦6,000\text{₦}6,000. What is the total final amount payable to Lola upon her retirement?

  1. ₦66,000Cevap
  2. B
    ₦78,000
  3. C
    ₦54,000
  4. D
    ₦60,000

Cevap

The total final amount payable to Lola upon her retirement is ₦66,000.
The total amount due to a retiring partner is determined by accumulating all credit adjustments (capital balance, current account credit balance, share of revaluation profit, and share of goodwill) and deducting any debit adjustments such as personal drawings. Adding the capital balance (₦50,000), current account balance (₦4,000), revaluation profit share (₦6,000), and goodwill share (₦12,000), then subtracting drawings (₦6,000) yields exactly ₦66,000.

Adım Adım Çözüm

1
Calculate Lola's profit-sharing fraction
Lola's share is 23+2+1=26=13\frac{2}{3 + 2 + 1} = \frac{2}{6} = \frac{1}{3}
Profit sharing ratio is 3:2:1 for Kemi, Lola, and Musa respectively.
2
Determine Lola's share of revaluation profit and goodwill
Revaluation share = 13×₦18,000=₦6,000\frac{1}{3} \times \text{₦}18,000 = \text{₦}6,000; Goodwill share = 13×₦36,000=₦12,000\frac{1}{3} \times \text{₦}36,000 = \text{₦}12,000
Retiring partner is entitled to her proportion of revaluation gains and goodwill credited to her capital account.
3
Calculate total settlement amount
Total payable = ₦50,000 (Capital)+₦4,000 (Current Cr)+₦6,000 (Revaluation)+₦12,000 (Goodwill)−₦6,000 (Drawings)=₦66,000\text{₦}50,000 \text{ (Capital)} + \text{₦}4,000 \text{ (Current Cr)} + \text{₦}6,000 \text{ (Revaluation)} + \text{₦}12,000 \text{ (Goodwill)} - \text{₦}6,000 \text{ (Drawings)} = \text{₦}66,000
Credit balances, profits, and goodwill entitlements increase the amount due, while drawings reduce the amount due.

Anahtar Kavram

Settlement of Retiring Partner's Capital Account
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Konular

Retirement and Death of a Partner

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