Question 3 Chapter 4 of Class 12 Part – 1
Table of Contents
3. S and P are partners sharing profits and losses in the ratio of 4:5. They admit J as a new partner for 1/9th share which he acquires equally from S and P. Calculate the new profit sharing ratio.
The solution of Question 3 Chapter 4 of Class 12 Part – 1: –
Old Ratio of S and P = 4:5
J is admitted for 1/9th share
| J acquires | = | 1 | x | 1 |
| 9 | 2 |
| = | 1 | from S | |
| 18 |
| S’s New Share | = | 4 | – | 1 |
| 9 | 18 |
| = | 7 | |
| 18 |
| J acquires | = | 1 | x | 1 |
| 9 | 2 |
| = | 1 | |
| 18 |
| P’s New share | = | 5 | – | 1 |
| 9 | 18 |
| = | 9 | |
| 18 |
| J’s New Share | = | 1 | or | 1 |
| 9 | 18 |
New profit-sharing ratio of S, P, J = 7:9:2
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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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