Question 14 Chapter 5 - Unimax Class 12 Part 1 - 2021

Question 14 Chapter 5 – Unimax Class 12 Part 1

Table of Contents

The solution of Question 14 Chapter 5 – Unimax Class 12 Part 1

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

14. Kanu and Shruti were partners in a firm sharing profits in 5 : 3. They admit Raj as a new partner for 1/8th share in profits. It is decided that Kanu and Shruti will share profit and losses in future in the ratio 4 : 3. Calculate the new profit sharing ratio and sacrifice ratio.

Ads loading…

The solution of Question 14 Chapter 5 – Unimax Class 12 Part 1

Let total profit = 1
Raj’s Share =1/8
Remaining Profit = 1 -1/8=8-1/8 =7/8
Kanu’s new share =4/7 X 7/8 =4/8
Shruti’s new share =3/7 X 7/8 =3/8
New Profit Sharing Ratio = Kanu : Shruti : Raj
=4/8: 3/8: 1/8
= 4 : 3 : 1 Ans.
Calculation of Sacrificing Ratio = Old share – New share
Kanu’s Sacrifice =9/15_4/8
=72-60/120 =12/100
Shruti’s Sacrifice =6/15_3/8
=48-45/120 =3/120
Sacrificing Ratio = Kanu : Shruti
=12/120-3/120
= 4 : 1 Ans.