Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Advertisement
Advertisement
Advertisement
Advertisement
Question 08 Chapter 6 of +2-Part-1
8. (Profit Distribution) P , Q and R were partners sharing in 2: 2:1. Q Retired and sold his profit share for Rs. 60.000 out of which Rs. 20,000 were paid by P and remaining by R. The profit of firm after Q's retirement was Rs. 6,60,000. Distribute the profit.
Since Contribution made by P is Rs. 20,000 & contribution of R is Rs. 40,000
Gaining ratio = 20,000 : 40,000 = 1 : 2
| P’s gain | = | 2 | x | 1 |
| 5 | 3 | |||
| = | 2 | |||
| 15 |
| & R’s gain | = | 2 | x | 2 |
| 5 | 3 | |||
| = | 4 | |||
| 15 |
| Thus P's New Share | = | 2 | + | 2 |
| 5 | 15 | |||
| = | 8 | |||
| 15 |
| And R’s New Share | = | 1 | + | 4 |
| 5 | 15 | |||
| = | 7 | |||
| 15 |
So, New Profit sharing Ratio = 8 : 7
| P’s Profit share | = | 6,60,000 | x | 8 |
| 15 | ||||
| = | Rs 3,52,000 |
| R’s Profit share | = | 6,60,000 | x | 7 |
| 15 | ||||
| = | Rs 3,08,000 |
Comment if you have any questions.
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "Question 08 Chapter 6 of +2 Part-1 - USHA Publication 12 Class Part - 1", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to USHA Publication +2 Part 1.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Question 08 Chapter 6 of +2 Part-1 - USHA Publication 12 Class Part - 1" instantly.
