Question 15 Chapter 5 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 15 Chapter 5 of +2-A

Question 15 Chapter 5 of +2-A

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)

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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2 Book 1 min - Question 15 Chapter 5 of +2-A - T.S. Grewal 12 Class Part - A Vol. 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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