Question 1 Chapter 6 – Unimax Class 12 Part 1 – 2021

Question 1 Chapter 6 – Unimax Class 12 Part 1 – 2021

1. A, B and C are partners sharing profit and losses in 7 : 5 : 3. Calculate new profit sharing ratio and gaining ratio if B retires.

The solution of Question 1 Chapter 6 – Unimax Class 12 Part 1: –

 Calculation of new profit sharing ratio :

 Old profit sharing ratio of A, B and C = 7 : 5 : 3
 If B retires, new profit sharing rate of A and C = 7 : 3
Note. If nothing else has been mentioned in the question, after the retirement of B, A and C will share future profits between themselves in the same ratio.

Calculation of Gaining Ratio

Retirement of a Partner – Explained with Illustration

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

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication