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Question 02 Chapter 6 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 02 Chapter 6 of +2-A
Question No.02 Chapter No.6 - T.S. Grewal +2 Book 2019-Solution

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Question 02 Chapter 6 of +2-A

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02. From the following particulars, calculate new profit-sharing ratio of the partners: a Shiv, Mohan and Hari were partners in a firm sharing profits in the ratio of 5 : 5 : 4. Mohan retired and his share was divided equally between Shiv and Hari. b P, Q and R were partners sharing profits in the ratio of 5 : 4 : 1. P retires from the firm.

 

The solution of Question 02 Chapter 6 of +2-A: –

a

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Old Ratio Shiv, Mohan and Hari = 5 : 5 : 4

Mohan’s Profit Share=5
14

His share is divided between Shiv and Hari equally i.e. in the ratio of 1: 1

Share of Mohan taken by Shiv=5X1
142
 =5
 28

 

Share of Mohan taken by Hari=5X1
142
 =5
 28

 

New Profit Share = Old Profit Share + Share taken from Mohan

Shiv’s New Share=5+5
1428
 =10 + 5
28

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 =15
 28

 

Hari’s New Share=4+5
1428
 =8 + 5 
28
 =13
 28

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∴ New Profit Ratio Shiv and Hari = 15 : 13

b

Old Ratio P, Q and R = 5 : 4 : 1

P’s Profit Share=5
10

As we can see, no information is given as to how Q and R are acquiring P’s profit share after his retirement, so the new profit sharing ratio between Q and R is calculated just by crossing out the P’s share. That is, the new ratio becomes 4 : 1

∴New Profit Ratio Q and R = 4 : 1

 

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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
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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