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

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

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Question 10 Chapter 5 of +2-A

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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

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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=31
53
 =3 
 15

 

Y Sacrificing Share=21
54
 =2
 20

 

New Ratio of Old Partners = Old Ratio – Sacrificed Ratio

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X’s New Profit Share=33
515

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 =9 – 3
 15
 =6
 15

 

Y New Profit Share=22
520
 =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
15201520
 =24 : 18 : 12 : 6
 60

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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)

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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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 Firms

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