Question 10 Chapter 5 – Unimax Class 12 Part 1
10. X and Y share profits and losses in ratio of 5 : 3. Z is admitted for 3/10th share of profits, half of which were given by X and remaining share was taken by Z equally from X and Y. Calculate new profit sharing ratio.
The solution of Question 10 Chapter 5 – Unimax Class 12 Part 1
After giving Profit Share of Z
X’s new share =5/8-[1/2 X 3/10]
=5/8_3/20 =25-6/40 =19/40
Z’s remaining share after receiving half=3/10 X 1/2 =3/20
Z collected half of remaining from X and Y equally.
So X’s new share =19/40_[1/2 X 3/10]
=19/40_3/40 =4/10
Y’s new share =3/8_[1/2 X 3/20]
=3/8_3/40 =3/10
New Profit Sharing Ratio = X : Y : Z
=4/10: 3/10: 3/10
= 4 : 3 : 3 Ans.
What is Partnership – Meaning and Its 4 Types
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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