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Question 08 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 08 Chapter 6 of +2- Part-
Q-8 - CH-6 - Usha +2 Book 2018 - Solution

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Question 08 Chapter 6 of +2-Part-1

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8. (Profit Distribution) P , Q and R were partners sharing in 2: 2:1. Q Retired and sold his profit share for Rs. 60.000 out of which Rs. 20,000 were paid by P and remaining by R. The profit of firm after Q’s retirement was Rs. 6,60,000. Distribute the profit.

The solution of Question 08 Chapter 6 of +2 Part-1: –

Since Contribution made by P is Rs. 20,000 & contribution of R is Rs. 40,000

Gaining ratio = 20,000 : 40,000 = 1 : 2

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P’s gain=1x2
35
     
 =2  
 15  
& R’s gain=2x2
35
     
 =4  
 15  
Thus P’s New Share=2+2
515
     
 =8  
 15  
And R’s New Share=1+1
515
     
 =7  
 15  

So, New Profit sharing Ratio = 8 : 7

P’s share=6,60,000x8
15
     
 =Rs 3,52,000  
R’s share=6,60,000x7
15
     
 =Rs 3,08,000  

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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
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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