# Question 10 Chapter 5 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question No.10 Chapter No.5 - T.S. Grewal +2 Book 2019-Solution

Question 10 Chapter 5 of +2-A

10. X and Y were partners sharing profits in the ratio of 3 : 2. They admitted P and Q as new partners. X surrendered 1/3rd of his share in favour of P and Y surrendered 1/4th of his share in favour of Q. Calculate new profit-sharing ratio of X, Y, P and Q.

The solution of Question 10 Chapter 6 of +2-A

 Old Ratio of X and Y = 3 : 2 X surrendered his share in the favour of P = 1/3th Ysurrendered his share in the favour of Q = 1/4th

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

 X Sacrificing Share = 3 – 1 5 3
 = 3 15

 Y Sacrificing Share = 2 – 1 5 4
 = 2 20

New Ratio of Old Partners = Old Ratio – Sacrificed Ratio

 X’s New Profit Share = 3 – 3 5 15

 = 9 – 3 15
 = 6 15

 Y New Profit Share = 2 – 2 5 20
 = 8 – 2 20
 = 6 20

 P’s Share = X’s Sacrificing = 3 15

 Q’s Share = Y’s Sacrificing = 2 20

 New Profit sharing Ratio between All partners = 6 : 6 : 3 : 3 15 20 15 20
 = 24 : 18 : 12 : 6 60

 New Profit sharing Ratio between All partners = 24 : 18 : 12 : 6 = 4 : 3 2 : 1

### 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. 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