Question 19 Chapter 5 of +2- Part-

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.

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=1of3
38
     
 =1x3
38
 =1  
Z’s sacrifice for Y8 
Singh’s new share=31=2Or1
8884
Gupta’s sacrifice for Jain=1of2
48
     
 =1X2
 48
     
 =1  
 16 
Gupta’s new share=21
816
     
 =3  
 16 
Lal‘s sacrifice for Jain=1of3
58
     
 =1X3
 58
     
 =3  
 40 
Lal”s new share=33
840
     
 =12  
 40 
Jain’s share of profit=1+1+3=21
8161080
New Profit sharing ratio=4:3:12:21
16164080
         
New Profit sharing Ratio=20;15:21:24

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Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

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

2 Book 1 min - Question 19 Chapter 5 of +2 Part-1 - USHA Publication  12 Class Parat - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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