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Question 19 Chapter 5 of +2-Part-1
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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.
We are providing a solution of Question 19 Chapter 5 of +2 Part-1 in two formats. one is in Video format and another is in article format. Check out both formats as follows:
1. Check out the Solution of this question in Video Format:-
The video consists solution of question numbers from 12 to 23 Chapter no. 5 class 12 of Usha publication. To check the direct solution of question no. 19 from the flowing video by using time stamps of the video.
2. Check out the Solution of this question in Article Format:-
The solution of Question 19 Chapter 5 of +2 Part-1: –
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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 | |||
| Z’s sacrifice for Y | 8 |
| Singh’s new share | = | 3 | – | 1 | = | 2 | Or | 1 |
| 8 | 8 | 8 | 4 |
| 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 | |||
| = | 1 | X | 3 | |
| 5 | 8 | |||
| = | 3 | |||
| 40 |
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| Lal”s new share | = | 3 | – | 3 |
| 8 | 40 | |||
| = | 12 | |||
| 40 |
| Jain’s share of profit | = | 1 | + | 1 | + | 3 | = | 21 |
| 8 | 16 | 10 | 80 |
| New Profit sharing ratio | = | 4 | : | 3 | : | 12 | : | 21 |
| 16 | 16 | 40 | 80 | |||||
| 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
- Chapter No. 1 – Accounting Not for Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Introduction)
- Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
- 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)
- Chapter No. 8 – Company Accounts (Share Capital)
- Chapter No. 9 – Company Accounts (Issue of Debentures)
- Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement
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