Question 07 Chapter 6 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 07 Chapter 6 of +2-A

Question 07 Chapter 6 of +2-A

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)

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 07 Chapter 6 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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