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Question 07 Chapter 5 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 07 Chapter 5 of +2-A
Question No.07 Chapter No.5 - T.S. Grewal +2 Book 2019-Solution

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Question 07 Chapter 5 of +2-A

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7. R and S are partners sharing profits in the ratio of 5 : 3. T joins the firm as a new partner. R gives 1/4th of his share and S gives 1/5th of his share to the new partner. Find out new profit sharing ratio.

 

The solution of Question 07 Chapter 6 of +2-A

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Old Ratio of R and S=5 : 3     
R Sacrifice his share in the favour of D=1/4th
S Sacrifice his share in the favour of D=1/5th

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

R Sacrificing Share=5X1
84
 =5 
 32

 

S Sacrificing Share=3X1
85
 =3
 40

New Ratio of Old Partners = Old Ratio – Sacrificed Ratio

R New Profit Share=55
832
 =20 – 5
 32

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 =15
 32

 

Y New Profit Share=33
40
 =15 – 3
 40
 =12
 40
T’s Share=R’s Sacrificing+S’s Sacrificing
T’s Share=5+3
3240
 =25 + 12 
 160
 =37
 160

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New Profit sharing Ratio between All partners=15:12:37
3240160
 =75 : 48 : 37
 160
 =75 : 48 : 37

 

 

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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