Question 12 Chapter 5 – Unimax Class 12 Part 1 – 2021

Question 12 Chapter 5 - Unimax Class 12 Part 1 - 2021

Question 12 Chapter 5 – Unimax Class 12 Part 1

Free Accounting book Solution - Class 11 and Class 12

12. X and Y were partners in a firm sharing profits in 3 : 2. They admitted P and Q as new partners. X sacrificed 1/3rd of his share in favour of P and Y sacrificed ½ of his share in favour of Q. Calculate new profit sharing ratio of X, Y, P and Q.

The solution of Question 12 Chapter 5 – Unimax Class 12 Part 1

X’s new share = Old Share – Sacrifice
                     =3/5_[1/3 X 3/5]
                 =3/5  1/5 =3-1/5 =2/5
Y’s new share =2/5_[1/2 X 2/5]  2/5_1/5 =1/5
X’s Sacrifice = P’s Share =1/5
Y’s Sacrifice = Q’s Share =1/5
New Profit Sharing Ratio = X : Y : P : Q
                 =2/5: 1/5: 1/5: 1/5
                = 2 : 1 : 1 :1 Ans.

 

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