Keshav, Nirmal, and Pankaj are partners sharing profits in the ratio of 5 : 3 : 2. Pankaj died and his share is taken by Keshav. Calculate the new profit-sharing ratio of Keshav and Nirmal.
Solution:-
Commerce School
Student Community
Archives Answers
Answer
W, X, Y and Z are partners sharing profits and losses in the ratio of 1/3, 1/6, 1/3 and 1/6 respectively. Y died and W, X and Z decide to share the profits and losses equally in future. Calculate gaining ratio.
Solution:-
A, B and C were partners sharing profits in the ratio of 4 : 3 : 2. A died, B and C will share profits in the ratio of 2 : 1. Determine the gaining ratio.
Solution:-
Shiv, Mohan and Hari were partners in a firm sharing profits in the ratio of 5 : 5 : 4. Mohan died and his share was taken equally by Shiv and Hari.
Solution:-
Om, Ram, and Shanti were partners sharing profits in the ratio of 1/2, 2/5, and 1/10. Find the new profit-sharing ratio of the remaining partners if Shanti dies.
Solution:-
Madan and Mohan are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2023, they admitted Chintu for 1/5th share in the profits of the firm, who contributes ₹ 2,50,000 as capital for 1/5th share.
Total capital of new firm = ₹ 2,50,000 × 5/1 = ₹ 12,50,000 Madan’s new capital = ₹ 12,50,000 × 12/25 = ₹ 6,00,000 Mohan’s new capital = ₹ 12,50,000 × 8/25 = ₹ 4,00,000 Particulars Madan (₹) Mohan (₹)…
Leena and Rohit are in partnership sharing profits in the ratio of 3 : 2. They admit Manoj for 1/5th share in profits. Capitals of Leena and Rohit after adjustments are ₹ 60,000 and ₹ 40,000 respectively. Manoj’ is to bring 20% of total capital of the new firm. Calculate Manoj’s Capital.
Total Capital of Leena and Rohit for 4/5 share = ₹ 60,000 + ₹ 40,000 = ₹ 10,0000. Capital of new firm should be = ₹ 1,00,000 × 5/4 = ₹ 1,25,000 Thus, Manoj’s proportional capital = ₹ 1,25,000 ×…
Abha and Binay are in partnership with respective capitals of ₹ 3,00,000 and ₹ 2,00,000. The admitted Chitra as a partner for 1/6th share in profits
Capital of Abha and Binay for 5/6 share = ₹ 3,00,000 + ₹ 2,00,000 = ₹ 5,00,000 Capital of the new firm should be = ₹ 5,00,000 × 6/5 = ₹ 6,00,000 Chitra’s Capital = ₹ 6,00,000 × 1/6 =…
If new partner has to bring proportionate capital which is not given, how is it determined?
Step 1: Calculate ‘Total Capital’ of New Firm as: Total Adjusted Capital of Old Partners × Reciprocal of Total New Profit Share of Old Partners. Step 2: Calculate Capital of the New Partner as: Total Capital (Step 1) × Profit…
State two effects of Accounting Standard – 26 (Intangible Assets) as issued by the Institute of Chartered Accountants of India on goodwill.
As per AS – 26 (Regarding Goodwill): (i) Firm can recognise Goodwill in the books of account when it is purchased, i.e., consideration in money or money’s worth has been paid for it. (ii) In case of admission/retirement/death of a…