Question 07 Chapter 5 of +2 Part-1 – USHA Publication 12 Class Parat – 1

Question 07 Chapter 5 of +2- Part-

Question 07 Chapter 5 of +2-Part-1

7. (NPS) X and Y shared profit in the ratio of 7:3 . Z was admitted as a partner. X surrendered 1/7th of his share and Y surrendered 1/3rd of its share in favour of Z. Calculate new profit sharing ratio.

The solution of Question 07 Chapter 5 of +2 Part-1: – 

Calculation of new Profit Sharing ratio

X’s old share = 7
  10
X surrendered = 1 of 7 In favor of Z
7 10
           
  = 1 X 7  
  7 10  
           
  = 1      
    10      
X’s New Share = 7 1
10 10
         
  = 7 – 1    
  10    
         
  = 6    
    10    
Y surrendered = 1 of 3 In favor of Z
3 10
           
  = 1 X 3  
  3 10  
           
  = 1      
    10      
Y’s New Share = 3 1
10 10
         
  = 3 – 1    
  10    
         
  = 2    
    10    

Z’s share is the sum total of the shares surrendered by X and Y

= 1 + 1
10 10
       
= 2    
  10    
New Profit sharing Ratio = 6 : 2 : 2
  = 3 : 1 : 1

Thanks, Please Like and share with your friends  

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 07 Chapter 5 of +2 Part-1 - USHA Publication  12 Class Parat - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

Leave a Reply

Your email address will not be published. Required fields are marked *