Question 05 Chapter 5 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 05 Chapter 5 of +2-A

Question 05 Chapter 5 of +2-A

5. Bharati and Astha were partners sharing profits in the ratio of 3 : 2. They admitted Dinkar as a new partner for 1/5th share in the future profits of the firm which he got equally from Bharati and Astha. Calculate the new profit-sharing ratio of Bharati, Astha and Dinkar

 

The solution of Question 05 Chapter 5 of +2-A

 

Old Ratio of Bharati and Astha = 3 : 2     

Dinkar is admitted for 1/5th share of profit which he got equally from the both
In this case we have to calculate the sacrificing share of both partners with the following formula and then subtract this share from the profit share of old partners: –

Sacrificing Share of Old Partners = New Partner’s Share X Sacrificed Ratio

Bharati Sacrificing Share = 1 X 1
5 2
  = 1  
  10

 

Astha Sacrificing Share = 1 1
5 2
  = 1
  10

New Ratio of Old Partners = Old Ratio – Sacrificed Ratio

Bharati New Profit Share = 3 1
5 10
  = 6 – 1
  10
  = 5
  10

 

Astha New Profit Share = 2 1
10
  = 4 – 1
  10
  = 3
  10

 

Astha New Profit Share = 1 X 2
2
  = 2
  10

 

New Profit sharing Ratio between All partners = 2 : 3 : 2

 

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

 

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2 Book 1 min - Question 05 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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