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Question 06 Chapter 5 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 06 Chapter 5 of +2-A
Question No.06 Chapter No.5 - T.S. Grewal +2 Book 2019-Solution

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Question 06 Chapter 5 of +2-A

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6. X and Y are partners in a firm sharing profits and losses in the ratio of 3 : 2. Z is admitted as partner with 1/4 share in profit. Z acquires his share from X and Y in the ratio of 2 : 1.
Calculate new profit-sharing ratio.

 

The solution of Question 06 Chapter 6 of +2-A

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Old Ratio of X and Y=3 : 2     

Z is admitted for 1/4th Share in Profits
sacrificing Ratio of X and Y is 2 : 1
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

X Sacrificing Share=1X2
43
 =2 
 12

 

Y Sacrificing Share=1X1
43
 =1
 12

New Ratio of Old Partners = Old Ratio – Sacrificed Ratio

X New Profit Share=32
512
 =36 – 10
 60

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 =26
 60

 

Y New Profit Share=21
12
 =24 – 5
 60
 =19
 60

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Z’s Share=1X15
415
 =15
 60

 

New Profit sharing Ratio between All partners=26 : 19 : 15

 

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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