Question 15 Chapter 5 of +2-A
Table of Contents
15. X and Y are partners sharing profits and losses in the ratio of 3: 2. They admit Z into partnership. X gives 1/3rd of his share while Y gives 1/10th from his share to Z. Calculate new profit sharing ratio and sacrificing ratio.
The solution of Question 15 Chapter 5 of +2-A
| Old Ratio of X and Y | = | 3 : 2 |
| X’s sacrifice=13×35=315 | ||
| Y’s sacrifice=110 | ||
| Sacrificing Ratio = 2 :1 |
New Ratio = Old Share – Share Sacrificed
X’s new share=35-315=615
Y’s new share=25-110=310
Z’s share=315+110=930
New Ratio=615:310:930
New Ratio= 4 : 3 : 3
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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