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Question 08 Chapter 5 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 08 Chapter 5 of +2-A
Question No.08 Chapter No.5 - T.S. Grewal +2 Book 2019-Solution

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Question 08 Chapter 5 of +2-A

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8. Kabir and Farid are partners in a firm sharing profits and losses in the ratio of 7 : 3. Kabir surrenders 2/10th from his share and Farid surrenders 1/10th from his share in favour of Jyoti; the new partner. Calculate new profit-sharing ratio and sacrificing ratio.

 

The solution of Question 08 Chapter 6 of +2-A

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Old Ratio of R and S=7 : 3     
Kabir Sacrifice from his share in the favour of Jyoti=2/10th
Farid Sacrifice from his share in the favour of Jyoti=1/10th

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

Kabir New Share=72
1010
 =5 
 10

 

Farid New Share=31
1010
 =2
 10

 

Jyoti’s Share=2+1
1010
 =2 + 1
 10

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 =3
 10
New Profit sharing Ratio between All partners=5 : 3 : 2

 

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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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