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Question 1 Chapter 5 – Unimax Class 12 Part 1
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1. A and B are partners sharing profits and losses in ratio 3 : 2. C is admitted into business for 1/6th share. Calculate new profit sharing ratio and sacrifice ratio.
The solution of Question 1 Chapter 5 – Unimax Class 12 Part 1
Let total profit = 1
C’s Share =1/6
Remaining Profit = 1 -1/6 =6-1/6 =5/6
A’s new share =5/6 X 3/5 =3/6
B’s new share =5/6 X 2/5 =2/6
New profit sharing ratio = A : B : C
=3/6:2/6:1/6
= 3 : 2 : 1 Ans.
Calculation of Sacrificing Ratio = Old Share – New share
A’s Sacrifice =3/5_3/6
=18-15/30=3/30
B’s Sacrifice =2/5_2/6
=3/30:2/30
= 3 : 2 Ans.
What is Partnership – Meaning and Its 4 Types
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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)
- 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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