X, Y and Z are partners sharing profits in the ratio of 1/2, 3/10, and 1/5. Calculate the gaining ratio of remaining partners when Y retires from the firm.
Solution:- Alternative
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R, S and M are partners sharing profits in the ratio of 2/5, 2/5, and 1/5. M decides to retire from the business and his share is taken by R and S in the ratio of 1 : 2. Calculate the new profit-sharing ratio.
Solution:-
From the following particulars, calculate new profit sharing ratio of the partners: a) Shiv, Mohan and Hari were partners in a firm sharing profits in the ratio of 5 : 5 : 4. Mohan retired and his share was divided equally between Shiv and Hari. b) P, Q and R were partners sharing profits in the ratio of 5 : 4 : 1. P retires from the firm.
Solution:- Case – B Alternative
Gita, Radha, and Garv were partners sharing profits in the ratio of 1/2, 2/5, and 1/10. Find the new ratio of the remaining partners if Garv retires.
Solution:- Alternative
Kavi and Ravi were partners in a firm sharing profits in the ratio of 5 : 3. On 31st March, 2023, they admitted Chhavi as a partner for 1/5th share in the profit. On Chhavi’s admission, the Balance Sheet of the firm was as follows:
Solution:- Working Notes:-
On the date of Shiv’s admission, an extract of the Balance Sheet of Ram and Mohan sharing profits and losses in the ratio of 3 ; 2 was as under:
Solution:-
Amol and Ameet are partners sharing profits and losses in the ratio of 2 : 1. They admit Atul for 1/4th share. For the purpose of admission of Atul, goodwill of the firm is to be valued on the basis of 2 year purchase of Average Super Profit of last four years. The normal rate of return in their business is 12% on capital employed.
Solution – I Ans – c) Working Notes:- Solution – II Ans – c) Explanation:- Atul’s share of goodwill = ₹ 35,100 60% brought in cash = 35,100 × 60% = ₹ 21060 premium for goodwill account is debited by…
Which of the following statement is wrong in the context of admission of a partner?
Ans – b) Explanation:- Increase in the valuation of asset will increase the capital not decrease
X and Y are partners sharing profits and losses in the ratio of 3 : 2. X’s Capital is ₹ 3,00,000 and Y’s capital is ₹ 1,50,000. They admitted Z and agreed to give 1/5th share of profit to him. How much Z should bring towards his capital?
Ans – d) Working Notes:- Total adjusted capital of old partners = ₹ 3,00,000 + ₹ 1,50,000 = ₹ 4,50,000 The combined share of the old partners = 1 – 1/5 = 4/5 Total capital of the new firm =…
Amit and Vidya are partners in a firm. They admit Sanjana as a partner with 1/4th share in the profits of the firm. Sanjana brings ₹ 2,00,000 as her share of capital. The value of the total assets of the firm is ₹ 5,40,000 and outside liabilities are valued at ₹ 1,00,000 on that date. Sanjana’s share of goodwill is
Ans – d) Working Notes:- Net worth of the firm (with goodwill) = New partner’s capital × reciprocal of his share ₹ 2,00,000 × 4 = ₹ 8,00,000 Net worth of the firm (without goodwill) = Total assets – Outside…