Doubts

Amit and Vidya are partners sharing profits in the ratio of 3: 2. They admit Chintan into partnership who acquires 1 / 5th of his share from Amit and 4 / 25th share from Vidya. Calculate New Profit-sharing Ratio and Sacrificing Ratio.

SOLUTION Calculation of New Profit Sharing RatioAmit: Vidya = 3: 2 (Old Ratio)Chintan acquires 1/5th of his share from Amit And,Remaining 4/5th (1 – 1/5) of his share from Vidya.If 4/5th share of Chintan = 4/25Chintan 's share = 4/25 × 54 = 5/25Amit 's sacrifice = 1/5 × 1/5 = 1/25Vidya 's sacrifice = 4/25Amit 's new share = 3/5 – 1/25 =…

Continue ReadingAmit and Vidya are partners sharing profits in the ratio of 3: 2. They admit Chintan into partnership who acquires 1 / 5th of his share from Amit and 4 / 25th share from Vidya. Calculate New Profit-sharing Ratio and Sacrificing Ratio.

Gautam and Yashica are partners sharing profits and losses in the ratio of 3: 2. They admit Asma into partnership. Gautam gives 1 / 3rd of his share while Yashica gives 1 / 10th from his share to Asma. Calculate new profit-sharing ratio and sacrificing ratio.

SOLUTION Old Ratio of Gautam and Yashica is 3: 2.Gautam 's sacrifice = 1/3 × 3/5 = 3/15 Yashica 's sacrifice = 1/10Sacrificing Ratio = 3/15: 1/10 or 2: 1 New Ratio = Old Share − Share SacrificedGautam 's new share = 3/5 –…

Continue ReadingGautam and Yashica are partners sharing profits and losses in the ratio of 3: 2. They admit Asma into partnership. Gautam gives 1 / 3rd of his share while Yashica gives 1 / 10th from his share to Asma. Calculate new profit-sharing ratio and sacrificing ratio.

Karim and Rehman are partners sharing profits in the ratio of 3: 2. Naval is admitted as a partner. The new profit-sharing ratio among Karim, Rehman and Naval is 4: 3: 2. Find out the sacrificing ratio.

SOLUTION ParticularsKarimRehmanNavalOld Ratio32 New Ratio432 Sacrificing Share = Old Ratio − New RatioKarim’s = 3 / 5 – 4 / 9 = 7 / 45Rehman’s = 2 / 5 – 3…

Continue ReadingKarim and Rehman are partners sharing profits in the ratio of 3: 2. Naval is admitted as a partner. The new profit-sharing ratio among Karim, Rehman and Naval is 4: 3: 2. Find out the sacrificing ratio.

Mahi and Rajat were in partnership sharing profits and losses in the ratio of 4: 3. They admitted Kripa as a new partner. Kripa brought Rs. 60,000 as her share of goodwill premium which was entirely credited to Mahi’s Capital Account. On the date of admission, goodwill of the firm was valued at Rs. 4,20,000. Calculate the new profit-sharing ratio of Mahi, Rajat and Kripa. (CBSE 2020)

SOLUTION Kripa brought Rs. 60,000 as her share of goodwill premiumshare of Kripa = 60,000 / 4,20,000 = 1 / 7 given by MahiRemaining share of Mahi = 4 / 7…

Continue ReadingMahi and Rajat were in partnership sharing profits and losses in the ratio of 4: 3. They admitted Kripa as a new partner. Kripa brought Rs. 60,000 as her share of goodwill premium which was entirely credited to Mahi’s Capital Account. On the date of admission, goodwill of the firm was valued at Rs. 4,20,000. Calculate the new profit-sharing ratio of Mahi, Rajat and Kripa. (CBSE 2020)

P and Q were partners in a firm sharing profits in the ratio of 5: 3. R was admitted for 1 / 4th share in the profits, of which he took 75% from P and the remaining from Q. Calculate the sacrificing ratio of P and Q. (CBSE 2020)

SOLUTION Old ratio of P and Q = 5: 3Share of R is 1 / 4th in the profitsR will take 75% From PP will take 75% = 3 /…

Continue ReadingP and Q were partners in a firm sharing profits in the ratio of 5: 3. R was admitted for 1 / 4th share in the profits, of which he took 75% from P and the remaining from Q. Calculate the sacrificing ratio of P and Q. (CBSE 2020)

S, B and J were partners in a firm. T was admitted as a partner in the partnership firm for 1 / 5th share of profits. Calculate the sacrificing ratio of S, B and J. (CBSE 2019)

SOLUTION Old ratio: S: J: B = 1: 1: 1T is admitted for 1 / 5 shareLet the total Profit of firm be 1Remaining share of the SJB after T’s…

Continue ReadingS, B and J were partners in a firm. T was admitted as a partner in the partnership firm for 1 / 5th share of profits. Calculate the sacrificing ratio of S, B and J. (CBSE 2019)

Mohan and Mahesh are partners in a firm sharing profits and losses in the ratio of 3: 2. Nusrat is admitted as partner with 1 / 4 share in profit. Nusrat takes his share from Mohan and Mahesh in the ratio of 2: 1. Calculate new profit-sharing ratio.

SOLUTION Old Profit-Sharing Ratio amongst Partners (Mohan and Mahesh) is 3: 2Nusrat is admitted for 1 / 4th Share in ProfitsSacrificing Ratio of Mohan and Mahesh is 2: 1Nusrat acquires = 2 / 3 × 1 / 4 =…

Continue ReadingMohan and Mahesh are partners in a firm sharing profits and losses in the ratio of 3: 2. Nusrat is admitted as partner with 1 / 4 share in profit. Nusrat takes his share from Mohan and Mahesh in the ratio of 2: 1. Calculate new profit-sharing ratio.

Hari, Kunal and Uma are partners in a firm sharing profits and losses in the ratio of 5: 3: 2. From 1st April, 2018 they decided to share future profits and losses in the ratio of 2: 5: 3. Their Balance Sheet showed a balance of 75,000 in the Profit and Loss Account and a balance of Rs. 15,000 in Investment Fluctuation Fund. For this purpose, it was agreed that: (i) Goodwill of the firm was valued at Rs. 3,00,000. (ii) That investments (having a book value of Rs. 50,000) were valued at Rs. 35,000. (iii) That stock having a book value of Rs. 50,000 be depreciated by 109%. Pass the necessary Journal entries for the above in the books of the firm. (CBSE 2019)

SOLUTION

Continue ReadingHari, Kunal and Uma are partners in a firm sharing profits and losses in the ratio of 5: 3: 2. From 1st April, 2018 they decided to share future profits and losses in the ratio of 2: 5: 3. Their Balance Sheet showed a balance of 75,000 in the Profit and Loss Account and a balance of Rs. 15,000 in Investment Fluctuation Fund. For this purpose, it was agreed that: (i) Goodwill of the firm was valued at Rs. 3,00,000. (ii) That investments (having a book value of Rs. 50,000) were valued at Rs. 35,000. (iii) That stock having a book value of Rs. 50,000 be depreciated by 109%. Pass the necessary Journal entries for the above in the books of the firm. (CBSE 2019)