Question 8 Chapter 5 – Unimax Class 12 Part 1 – 2021

Question 8 Chapter 5 – Unimax Class 12 Part 1

8. X and Y were partners sharing profits in the ratio of 3 : 2. They admitted P and Q as new partners. X surrendered 1/3rd of his share in favour of P and Y surrendered 1/4th of his share in favour of Q. Calculate the new profit sharing ratio of X, Y, P and Q.

The solution of Question 8 Chapter 5 – Unimax Class 12 Part 1

X’s new share = Old Share – Sacrifice
      =3/5_[1/3 X 3/5]
      =3/5_1/5=3-1/5=2/5
Y’s new share =2/5_[1/4 X 2/5]
                      =2/5_1/10=4-1/10=3/10
P’s share = X’s sacrifice =1/5
Q’s share = Y’s sacrifice =1/10
So, New Profit Sharing Ratio = X : Y : P : Q
               =2/5: 3/10: 1/5: 1/10
              = 4 : 3 : 2 : 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