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

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

Question 8 Chapter 5 – Unimax Class 12 Part 1

Free Accounting book Solution - Class 11 and Class 12

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.

 

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