Question 6 Chapter 5 – Unimax Class 12 Part 1 – 2021

Question 6 Chapter 5 – Unimax Class 12 Part 1

6. K, L and M are partners sharing in ratio 3 : 2 : 1. They admit N for 1/6th share. M would retain his original share. Calculate new profit sharing ratio.

The solution of Question 6 Chapter 5 – Unimax Class 12 Part 1

Let total profit = 1
N’s Share =1/6
M’s will retain his original share =1/6
Remaining Profit = 1 -1/6_1/6 =4/6
K’s new share =4/6 X 3/5 =2/5
L’s new share =4/6 X 2/5 =4/15
New profit sharing ratio = K : L : M : N
                      =2/5: 4/15: 1/6: 1/6
                     = 12 : 8 : 5 : 5 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

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