Question 5 Chapter 6 – Unimax Class 12 Part 1 – 2021
Table of Contents
5. A, B and C are partners in the ratio of 3/8 : 1/2 : 1/8 respectively. B retires and surrenders 3/8 of his share in favour of C and remaining in favour of A. Calculate new profit sharing ratio of A and C.
The solution of Question 5 Chapter 6 – Unimax Class 12 Part 1: –
Old profit sharing ratio = A : B : C = 3/8 : 1/2 : 1/8
A’s new share = Old share + gain
= 3/8 + (5/8 of B’s share)
= 3/8 + (5/8 of 1/2)
= 11/16
C’s new share = Old share + gain
= 1/8 + (3/8 of B’s share)
= 1/8 + (3/8 of 1/2)
= 5/16
New profit sharing ratio = 11 : 5 (A : C)
Retirement of a Partner – Explained with Illustration
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
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