Question 08 Chapter 6 of +2-A
Table of Contents
08. A, B, and C were partners in a firm sharing profits in the ratio of 8 : 4 : 3. B retires and his share is taken up equally by A and C. Find the new profit-sharing ratio
The solution of Question 08 Chapter 6 of +2-A: –
Old Ratio A, B and C = 8 : 4 : 3
B retires from the firm
| His profit share | = | 4 |
| 15 |
B’s share taken by A and C in ratio of 1 : 1
| Share taken by A | = | 4 | X | 1 |
| 15 | 2 |
| = | 2 | |
| 30 |
| Share taken by C | = | 4 | X | 1 |
| 15 | 2 |
| = | 2 | |
| 30 |
New Ratio = Old Ratio + Share acquired from B
| A’s New Share | = | 8 | + | 2 |
| 15 | 15 |
| = | 8 + 2 | |
| 15 |
| = | 10 | |
| 15 |
| C’s New Share | = | 3 | + | 2 |
| 15 | 15 |
| = | 3 + 2 | |
| 15 |
| = | 5 | |
| 15 |
∴ New Profit Ratio A and C = 10 : 5
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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