Question 13 Chapter 5 - Unimax Class 12 Part 1 - 2021

Question 13 Chapter 5 – Unimax Class 12 Part 1

Table of Contents

The solution of Question 13 Chapter 5 – Unimax Class 12 Part 1

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

13. A and B were partners in a firm sharing profits in 5 : 3. A new partner C was admitted for 1/4th share. Thereafter D was admitted as a new partner for 1/6th share, which he acquired equally from A, B and C. Calculate new profit sharing ratio of A, B, C and D.

The solution of Question 13 Chapter 5 – Unimax Class 12 Part 1

Let total profit = 1
C’s Share =1/4
Remaining Profit = 1 -1/4 =4-1/4 =3/4
A’s new share =3/4 X 5/8 =15/32
B’s new share =3/4 X 3/8 =9/32
New ratio = A : B : C
=15/32: 9/32: 1/4
= 15 : 9 : 8 Ans.
After D’s admission
A’s new share =15/32_[1/3 X 1/6]
=15/32_1/8 =135-16/288 =119/288
B’s new share =9/32_[1/3 X 1/6]
=9/32_1/18 =81-16/288 = 65/288
C’s new share =1/4_[1/3 X 1/6]
=1/4_1/18 =9-2/36 =7/36
New Profit Sharing Ratio = A : B : C : D
= 119 : 65 : 56 : 48 Ans.

What is Partnership – Meaning and Its 4 Types

Advertisement-X

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

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

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

Question 13 Chapter 5 – Unimax Class 12 Part 1 – 2021

The solution of Question 13 Chapter 5 – Unimax Class 12 Part 1

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)

Related