Question 01 Chapter 5 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 01 Chapter 5 of +2-A

Question 01 Chapter 5 of +2-A

1. X,Y and Z are partners sharing profits and losses in the ratio of 5 : 3 : 2. They admit A into partnership and give him 1/5th share of profits. Find the new profit-sharing ratio.

 

The solution of Question 01 Chapter 5 of +2-A

 

Old Ratio of X, & Y = 5 : 3 : 3   
A is admitted for 1/5 share of profit    

Let the total share of the business = 1
Remaining share of X,Y & Z after A’s Admission = Total Share – A’s Share

Remaining share = 1  – 1
4
  = 5 – 1
  5
  = 4  
  5

To Calculate to New Ratio distribute the remaining share in the old ratio of old partners’
New Ratio = Combined share of X, Y and Z X Old Ratio

X’s New Ratio = 4 X- 5
5 10
  = 20  
  50

 

Y’s New Ratio = 4  X 3
5 10
  = 12  
  50

 

Z’s New Ratio = 5 X 2
10 10
  = 8  
  50

 

A’s New Ratio = 1 X 10
5 10
  = 10
  50

 

New Profit sharing Ratio between X, Y, Z, and A = 20 : 12 : 8 : 10
  = 10:   6 :  4 :   5

 

 

 

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

  • Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
  • Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
  • Chapter No. 3 – Goodwill: Nature and Valuation
  • Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
  • Chapter No. 5 – Admission of a Partner
  • Chapter No. 6 – Retirement/Death of a Partner
  • Chapter No. 7 – Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

  • Chapter No. 1 – Financial Statements of a Company
  • Chapter No. 2 – Financial Statement Analysis 
  • Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
  • Chapter No. 4 – Accounting Ratios
  • Chapter No. 5 – Cash Flow Statement

 

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 01 Chapter 5 of +2-A - T.S. Grewal 12 Class Part - A Vol. 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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