Question 10 Chapter 6 - Unimax Class 12 Part 1

Question 10 Chapter 6 – Unimax Class 12 Part 1 – 2021

Table of Contents

The solution of Question 10 Chapter 6 – Unimax Class 12 Part 1: –

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

10. Amit, Sumit and Varun are partners. Sumit retires. Calculate new ratio if continuing partners acquired his share in 2 : 3. Also mention the gaining ratio.

The solution of Question 10 Chapter 6 – Unimax Class 12 Part 1: –

Old profit sharing ratio of Amit, Sumit and Varun = 1 : 1 : 1
Amit and Varun acquire share of Sumit in 2 : 3
Gaining ratio = Amit : Varun
= 2 : 3
Amit’s new share = Old share + gain
= 1/3 + (2/5 of Sumit’s share)
= 1/3 + (2/5 of 1/3)
= 7/15
Varun’s new share = Old share + gain
= 1/3 + (3/5 of Sumit’s share)
= 1/3 + (3/5 of 1/3)
= 8/15
New profit sharing ratio = 7 : 8 (Amit : Varun)