Recommended
Recommended
More Related Content
More from GeetaHanda1
More from GeetaHanda1 (12)
Recently uploaded
Recently uploaded (20)
Q 6 Admission of a Partner; TS Grewals'
- 1. ACCOUNTANCY CLASS-XII SOLUTION WITH EXPLANATION By Geeta Handa BOOK : Double Entry Book Keeping T.S.GREWAL’S Chapter : Admission of a Partner Question No. 6 Geeta Handa
- 2. Geeta Handa PGT Accountancy • 20 years experience of teaching accountancy. • 14 years experience of checking accountancy papers of CBSE • Worked as examiner for conducting practical exam of accountancy. geet7handa@gmail.com Geeta Handa
- 3. Question : X and Y are partners in a firm sharing Profits and Losses in the ratio 3 : 2. Z is admitted as partner with ¼ share in profits. Z acquires his share from X and Y in the ratio 2 : 1. Calculate New Profit-Sharing Ratio.
- 4. Formula : Sacrificing Share = Old Share – New Share New Share = Old Share – Sacrifice Share
- 5. Geeta Handa Calculation of Sacrifice / Gain of each Partner: Partners X Y Z Old Share ( 3 : 2 ) 𝟑 𝟓 𝟐 𝟓 ---- Z ’s Share in Profits 𝟏 𝟒 Sacrifice of X and Y Z’s Share in 2 : 1 𝟏 𝟒 x 𝟐 𝟑 𝟏 𝟒 x 𝟏 𝟑 ----- = 2/12 Sacrifice = 1/12 Sacrifice -----
- 6. Geeta Handa Calculation of New Share of X and Y: Partners X Y Z Old Share 𝟑 𝟓 𝟐 𝟓 ---- New Share of X and Y Old Share ─ Sacrifice 𝟑 𝟓 ─ 𝟐 𝟏𝟐 𝟐 𝟓 ─ 𝟏 𝟏𝟐 = 𝟑𝟔−𝟏𝟎 𝟔𝟎 𝟐𝟒−𝟓 𝟔𝟎 = 26/60 = 19/60
- 7. Geeta Handa Calculation of New Ratio of Partners: Partners X Y Z New Share 26/60 19/60 Z’s Share 𝟏 𝟒 New Share 26/60 19/60 𝟏 𝟒 x 𝟏𝟓 𝟏𝟓 = 26/60 = 19/60 = 15/60
- 8. Answer : New Ratio of X : Y : Z = 26/60 : 19/60 : 15/60 = 26 : 19 : 15
- 9. Hit the Like Button Subscribe Mail Your Doubts or Suggestions at geet7handa@gmail.com Geeta Handa