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

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

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

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

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.