Question 19 Chapter 5 of +2-Part-1
19. (NPS ) Singh, Gupta and Lal are partners in a firm, sharing profits in the ratio of 3:2:3. They admitted Jain as a new partner. Singh surrendered 1/3rd of his share in favour of Jain. Gupta surrendered 1/4th of his share in favour of Jain and Lal surrendered 1/5th of his share in favour of Jain. Calculate the new profit sharing ratio.
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The solution of Question 19 Chapter 5 of +2 Part-1: –
Calculation of new Profit Sharing ratio
Old profit sharing ratio of Singh, Gupta and Lal = 3:2:3
| Singh’s sacrifice for Jain | = | 1 | of | 3 |
| 3 | 8 | |||
| = | 1 | x | 3 | |
| 3 | 8 | |||
| = | 1 | |||
| 8 |
| Singh’s new share | = | 3 | – | 1 | = | 2 |
| 8 | 8 | 8 |
| Gupta’s sacrifice for Jain | = | 1 | of | 2 |
| 4 | 8 | |||
| = | 1 | X | 2 | |
| 4 | 8 | |||
| = | 1 | |||
| 16 |
| Gupta’s new share | = | 2 | – | 1 |
| 8 | 16 | |||
| = | 3 | |||
| 16 |
| Lal‘s sacrifice for Jain | = | 1 | of | 3 |
| 5 | 8 | |||
| = | 3 | X | 1 | |
| 8 | 5 | |||
| = | 3 | |||
| 40 |
| Lal”s new share | = | 3 | – | 3 |
| 8 | 40 | |||
| = | 12 | |||
| 40 |
| Jain’s share of profit | = | 1 | + | 1 | + | 3 | = | 21 |
| 8 | 16 | 40 | 80 |
| New Profit sharing ratio | = | 2 | : | 3 | : | 12 | : | 21 |
| 8 | 16 | 40 | 80 | |||||
| New Profit sharing Ratio | = | 20 | : | 15 | : | 24 | : | 21 |
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Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)
Chapter No. 2 – Partnership Accounts – I (Introduction)
Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
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Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
Check out Part 2 of both books.
In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 2, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 2 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.
1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication