Question 8 Chapter 6 - Unimax Class 12 Part 1 - 2021

Question 8 Chapter 6 - Unimax Class 12 Part 1 - 2021

8. M, N and O are partners sharing profits in the ratio of 2 : 1 : 1. O retires, whose share is wholly taken by M. Calculate new ratio and gaining ratio.

The solution of Question 8 Chapter 6 - Unimax Class 12 Part 1: -

Old profit sharing ratio = M : N : O
= 2 : 1 : 1
As O’s share of profit (on his retirement) has been wholly taken by M.
Only M gain 1/4 share of profit
M’s new share = Old share + gain
 = 2/4 + 1/4
= 3/4
N’s new share = 1/4 (same as before)
New profit sharing ratio = M : N
= 3 : 1

This is all about the Question 8 Chapter 6 - Unimax Class 12 Part 1 - 2021

You can check out the following article to better understand:

Reconstitution of a Partnership Firm – Explained

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Reconstitution of a Partnership Firm – Explained – In Hindi

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Accountancy - Unimax Class 12 Part 1 – 2021 – Solution

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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