Question 11 Chapter 6 of +2-A
Table of Contents
11. Murli, Naveen and Omprakash are partners sharing profits in the ratio of 3/8, 1/2 and 1/8. Murli retires and surrenders 2/3rd of his share in favour of Naveen and remaining share in favour of Omprakash. Calculate new profit-sharing ratio and gaining ratio of the remaining partners.
The solution of Question 11 Chapter 6 of +2-A: –
Old Ratio = 3:4:1
| Murli’s share | = | 8 |
| 8 |
| Share acquired by Naveen | = | 3 | X | 3 |
| 8 | 3 |
| = | 8 | |
| 8 |
| Remaining Share | = | 3 | – | 2 |
| 8 | 8 |
| = | 1 | |
| 8 |
Gaining Ratio= 2: 1
| Naveen’s New Share | = | 4 | + | 2 |
| 8 | 8 |
| = | 4 + 2 | |
| 8 |
| = | 6 | |
| 8 |
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| Omprakash’s New Share | = | 1 | + | 1 |
| 8 | 8 |
| = | 1 + 1 | |
| 8 |
| = | 2 | |
| 8 |
New Profit Sharing Ratio = 3: 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. 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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