Unimax Class 12 Part 1 - 2021 Solutions Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner) - Unimax

Question 1 Chapter 5 - Unimax Class 12 Part 1

1. A and B are partners sharing profits and losses in ratio 3 : 2. C is admitted into business for 1/6th share. Calculate new profit sharing ratio and sacrifice ratio.

The solution of Question 1 Chapter 5 - Unimax Class 12 Part 1

Let total profit = 1
C’s Share =1/6
Remaining Profit = 1 -1/6 =6-1/6 =5/6
A’s new share =5/6 X 3/5 =3/6
B’s new share =5/6 X 2/5 =2/6
New profit sharing ratio = A : B : C
                                       =3/6:2/6:1/6
                                      = 3 : 2 : 1 Ans.
Calculation of Sacrificing Ratio = Old Share – New share
A’s Sacrifice =3/5_3/6
                   =18-15/30=3/30
B’s Sacrifice =2/5_2/6
                   =3/30:2/30
                  = 3 : 2 Ans.

 

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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