Question 07 Chapter 6 of +2-A
Table of Contents
07. Kumar, Lakshya, Manoj and Naresh are partners sharing profits in the ratio of 3 : 2 : 1 : 4. Kumar retires and his share is acquired by Lakshya and Manoj in the ratio of 3 : 2. Calculate new profit-sharing ratio and gaining ratio of the remaining partners.
The solution of Question 07 Chapter 6 of +2-A: –
| Kumar’s share | = | 3 |
| 10 |
| Share acquired by Lakshya | = | 3 | X | 3 |
| 10 | 5 |
| = | 9 | |
| 50 |
| Share acquired by Manoj | = | 3 | X | 2 |
| 10 | 5 |
| = | 6 | |
| 50 |
| Lakshya’s New Share | = | 2 | + | 9 |
| 10 | 50 |
| = | 10 + 9 | |
| 50 |
| = | 19 | |
| 50 |
| Manoj’s New Share | = | 1 | + | 6 |
| 10 | 50 |
| = | 5 + 6 | |
| 50 |
| = | 11 | |
| 50 |
| Naresh’s share as retained | = | 4 | or | 20 |
| 10 | 50 |
New Profit Sharing Ratio = 19: 11: 20
Gaining Ratio = 3:2 as given in the question
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)
- Chapter No. 8 – Company Accounts – Accounting for Share Capital
- Chapter No. 9 – Company Accounts – Issue of Debentures
- Chapter No. 10 – Redemption of Debentures
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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