Question 04 Chapter 6 of +2- Part-

Question 04 Chapter 6 of +2-Part-1

4. (NPS) L , M and N have been sharing profits and losses in 5:3:2. N retires. His share is taken over by L and M in the ratio of 2:1. Calculate the new profit sharing ratio.

The solution of Question 04 Chapter 6 of +2 Part-1: –

Calculation of new Profit Sharing ratio

N’s share in the profit of the firm=2
10

Gaining ratio of L & M ( given ) = 2 : 1

L’s gain=2x2
310
     
 =4  
 30  
M’s gain=1x2
310
     
 =2  
 30  

New Share = Old share + Gain

L’s New Share=5+3
1030
     
 =19  
 30  
M’s New Share=3x2
1030
     
 =11  
 30  
So, New Profit sharing Ratio =19:11
3030
     
 =19:11

Comment if you have any questions.

Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

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

2 Book 1 min - Question 04 Chapter 6 of +2 Part-1 - USHA Publication 12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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