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Question 7 Chapter 6 - Unimax Class 12 Part 1 - 2021
7. X, Y and Z were partners in a firm. Profit was distributed as follows :
X 2/6 ; Y 2/6, Z 1/6 : Transfer to Reserve is 1/6. Z retired from the business and it was decided to appropriate profits of reconstituted firm as follows :
X 2/5, Y 2/5 ; Transfer to Reserve 1/5
Calculate gaining ratio of X and Y.
Old Profit sharing ratio among X, Y and Z (without considering transfer to reserve)
= X : Y : Z
= 2 : 2 : 1
New Profit sharing ratio between X and Y (without considering transfer to reserve)
= X : Y
= 2 : 2
X’s gain = New share – Old share
= 2/4 – 2/5
= 2/20
Y’s gain = New share – Old share
= 2/4 – 2/5
= 2/20
Gaining ratio of X and Y = 2 : 2 or 1 : 1
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Chapter No. 1 – Accounts of Non-Profit Organisations
Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
Chapter No. 3 – Partnership Accounts – II (Goodwill)
Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
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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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