Question 21 Chapter 5 – Unimax Class 12 Part 1 – 2021

Question 21 Chapter 5 – Unimax Class 12 Part 1 – 2021

21. A and B are partners sharing profits and losses in 3 : 2. They admit C as a new partner who gets 1/5th share. Calculate the new profit sharing ratio in each of the following cases :
(i) If C acquires his share from A and B in their profit sharing ratio.
(ii) If he acquires 3/20th from A and 1/20th from B.
(ii) If he acquires his share entirely from A.
(ii) If he acquires his share entirely from B.

The solution of Question 21 Chapter 5 – Unimax Class 12 Part 1

A’s New Share =3/5_[1/5 X 3//5]
                        =15-3/25 =12/25
B’s New Share =2/5_[1/5 X 2/5]
                       =10-2/25 =8/25
C’s New Share =1/5
New Profit Sharing Ratio = A : B : C
                         =12/25: 8/25: 1/5
                        = 12 : 8 : 5 Ans.
(ii) A’s New Share =3/5_3/20
                       =12-3/20 =9/20
B’s New Share =2/5_1/20
                       =8-1/ =8/20
C’s New Share =1/5
New Profit Sharing Ratio = A : B : C
                       =9/20: 7/20: 1/5
                      = 9 : 7 : 4 Ans.
(iii) A’s New Share =3/5_1/5
                     =3-1/5 =2/5
B’s New Share =2/5
C’s New Share =1/5
New Profit Sharing Ratio = A : B : C
                        =2/5: 2/5: 1/5
                       = 2 : 2 : 1 Ans.
(iv) A’s New Share =3/5
B’s New Share =2/5_1/5
                       =2-1/5
                       =1/5
C’s New Share =1/5
New Profit Sharing Ratio = A : B : C
                        =3/5: 1/5: 1/5
                        = 3 : 1 : 1 Ans.

What is Partnership – Meaning and Its 4 Types

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

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