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Question 10 Chapter 6 - Unimax Class 12 Part 1 - 2021
10. Amit, Sumit and Varun are partners. Sumit retires. Calculate new ratio if continuing partners acquired his share in 2 : 3. Also mention the gaining ratio.
Old profit sharing ratio of Amit, Sumit and Varun = 1 : 1 : 1
Amit and Varun acquire share of Sumit in 2 : 3
Gaining ratio = Amit : Varun
= 2 : 3
Amit’s new share = Old share + gain
= 1/3 + (2/5 of Sumit’s share)
= 1/3 + (2/5 of 1/3)
= 7/15
Varun’s new share = Old share + gain
= 1/3 + (3/5 of Sumit’s share)
= 1/3 + (3/5 of 1/3)
= 8/15
New profit sharing ratio = 7 : 8 (Amit : Varun)
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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.
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