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Q16 Admission of a Partner;TS Grewals' double Entry Book Keeping slides
- 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. 16 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 : P and Q are partners sharing Profits in the ratio 3 : 2. They admit R into partnership who acquires 1/5th of his share from P and 4/25th share from Q. Calculate new profit-sharing ratio and sacrificing ratio. Geeta Handa
- 4. Geeta Handa Method 1 : Let Total Share of R = ϰ 𝟏 𝟓 𝐭𝐡 𝐨𝐟 R’s share acquires from P = ϰ X 𝟏 𝟓 = 1 𝟓 ϰ Remaining of R’s share acquires from Q = ϰ ─ 𝟏 𝟓 ϰ = 𝟓ϰ−𝟏ϰ 𝟓 = 𝟒 𝟓 ϰ R’s share acquires from Q = 𝟒 𝟓 ϰ
- 5. Geeta Handa R acquires from Q = 𝟒 𝟐𝟓 Share of Profits If 𝟒 𝟓 ϰ = 𝟒 𝟐𝟓 of Profits ϰ = 𝟒 𝟐𝟓 x 𝟓 𝟒 = 𝟏 𝟓 of Profits R’s Share = ϰ = 𝟏 𝟓 of Profits
- 6. Geeta Handa Method 2 : Let Total Share of R = 1 𝟏 𝟓 𝐭𝐡 𝐨𝐟 R’s share acquires from P = 1 X 𝟏 𝟓 = 𝟏 𝟓 Remaining of R’s share acquires from Q = 1 ─ 𝟏 𝟓 = 𝟓−𝟏 𝟓 R’s share acquires from Q = 𝟒 𝟓 of R’s share
- 7. Geeta Handa R acquires from Q = 𝟒 𝟐𝟓 Share of Profits If 𝟒 𝟓 𝐭𝐡 of R’s share received from Q = 𝟒 𝟐𝟓 of Profits R’s Share = 𝟒 𝟐𝟓 x 𝟓 𝟒 = 𝟏 𝟓 of Profits
- 8. Geeta Handa Calculation of Sacrifice / Gain of each Partner: Partners P Q R R’s Share in Profits 𝟏 𝟓 Sacrifice of P = 1/5 of R’s share 𝟏 𝟓 x 𝟏 𝟓 ----- Sacrifice of Q ( 4/25 share ) 𝟒 𝟐𝟓 = 1/25 Sacrifice = 4/25 Sacrifice -----
- 9. Sacrificing Ratio of P : Q = 1/25 : 4/25 Answer : Sacrificing Ratio of P : Q = 1 : 4 Geeta Handa
- 10. Formula : Sacrificing Share = Old Share – New Share New Share = Old Share – Sacrifice Share Geeta Handa
- 11. Geeta Handa Calculation of New Share of P and Q: Partners P Q R Old Share 𝟑 𝟓 𝟐 𝟓 ---- New Share of P and Q = Old Share ─ Sacrifice 𝟑 𝟓 ─ 𝟏 𝟐𝟓 𝟐 𝟓 ─ 𝟒 𝟐𝟓 = 𝟏𝟓−𝟏 𝟐𝟓 𝟏𝟎−𝟒 𝟐𝟓 New Share of P and Q = 14/25 = 6/25
- 12. Geeta Handa Calculation of New Ratio of Partners: Partners P Q R New Share 14/25 6/25 1/5 R’s Share = P’s sacrifice + Q’s Sacrifice 𝟏 𝟐𝟓 + 𝟒 𝟐𝟓 = 𝟏+𝟒 𝟐𝟓 New Share = 14/25 = 6/25 = 5/25
- 13. New Ratio of P : Q : R = 14/25 : 6/25 : 5/25 Answer : = 14 : 6 : 5 Geeta Handa
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