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.
Solution:-
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Mohan and Mahesh are partners in a firm sharing profits and losses in the ratio of 3 : 2. Nusrat is admitted as a partner with 1/4th share in profit. Nusrat takes his share from Mohan and Mahesh in the ratio of 2 : 1. Calculate the new profit-sharing ratio.
Solution:-
Bharati and Astha were partners sharing profits in the ratio of 3 : 2. They admitted Dinkar as a partner for 1/5th share in the future profits of the firm which he got equally from Bharati and Astha. Calculate the new profit-sharing ratio of Bharati, Astha, and Dinkar.
Solution:-
A, B and C were partners in a firm sharing profits in the ratio of 3 : 2 : 1. They admitted D as a new partner for 1/8th share in the profits, which he acquired 1/16th from B and 1/16th from C. Calculate the new profit sharing ratio of A, B and C and D.
Solution:-
A and B are partners sharing profits and losses in the proportion of 7 : 5. They agree to admit C, their manager, into partnership who is to get 1/6th share in the profits. He takes this share as 1/24th from A and 1/8th from B. Calculate new profit sharing ratio.
Solution;-
Girija, Yatin, and Zubin are partners sharing profits and losses in the ratio of 5 : 3 : 2. They admit Suresh into the partnership and give him 1/5th share of profits. Find the new profit-sharing ratio.
Solution:-
Sonu, Sumit and Sahil are partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. They decide to share profits and losses in the ratio of 2 : 5 : 3 with effect from 1st April, 2023. Land (having book value of ₹ 1,00,000) was found undervalued by ₹ 5,00,000.
Calculation of Revaluation profit/loss Land undervalued = ₹ 5,00,000 Stock Overvalued = ₹ (3,00,000) Revaluation Profit = ₹ 2,00,000 Calculation of Sacrifice/gain of partners Old Ratio = 5 : 3 : 2 New Ratio = 2 : 5 : 3…
X, Y and Z who are presently sharing profits and losses in the ratio of 5 : 3 : 2 decide to share future profits & losses equally with effect from 1st April, 2023.
Journal Entry of Goodwill appears in the books Goodwill appeared in the books is written off in the old ratio. X’s Capital A/c Dr. ₹ 15,000 Y’s Capital A/c Dr. ₹ 9,000 Z’s Capital A/c Dr. ₹ 6,000 To Goodwill…
Janak, Chaman, and Anmol are partners sharing profits and losses in the ratio of 3 : 2 : 1. They decide to change their profit sharing ratio to 2 : 2 : 1. To give effect to this new profit sharing ratio, they decided to value goodwill at ₹ 60,000.
Ans – a) Solution:- Calculation of Sacrifice/gain of the partners Old Ratio = 3 : 2 : 1 New Ratio = 2 : 2 : 1 Janak = 3/6 – 2/5 = 15 – 12/30 = 3/30 (sacrifice) Chaman =…
Arrange the following steps in their ascending order in the context of the reconstitution of the partnership:
Ans – d) Explanation:- First Revaluation A/c is prepared 2nd partner’s capital A/c is prepared 3rd Bank Account is prepared 4th Balance Sheet is prepared