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Question
Find New Profit-sharing Ratio:
R and T are partners in a firm sharing profits in the ratio of 3 : 2. S joins the firm. R surrenders 1/4th of his share and T 1/5th of his share in favour of S.
Solution
Old Ratio = R : T
= 3 : 2
Sacrificing Ratio = Old Ratio x Surrender Ratio
R's = `3/5 xx 1/4 = 3/20`
T's = `2/5 xx 1/5 = 2/25`
New Ratio = Old Ratio - Sacrificing Ratio
R's = `3/5 - 3/20 = 9/20`
T's = `2/5 - 2/25 = 8/25`
S’s Share = R’s Sacrifice + S’s Sacrifice = `3/20 + 2/25 = 23/100`
New Profit Sharing Ratio = R : T : S
= `9/20 : 8/25 : 23/100`
= `[ 45 : 32 : 23 ]/100`
= 45 : 32 : 23.
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| Liabilities | Amount (₹) |
Assets | Amount (₹) |
|
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| Liabilities | Amount (₹) |
Assets | Amount (₹) |
|
| Trade Creditors | 30,000 | Cash in Hand | 15,000 | |
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|
X |
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|
Y |
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|
Z |
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| 7,05,000 | 7,05,000 | |||
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|
Liabilities |
Amount (₹) |
Assets |
Amount (₹) |
||
| Creditors |
42,000 |
Land and Building | 1,24,000 | ||
| Investment Fluctuation Fund | 20,000 | Motor Vans | 40,000 | ||
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| H | 80,000 | Stock |
|
30,000 |
|
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|
| Less: Provision |
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74,000 |
|||
|
|
|
Cash |
32,000 |
||
|
3,62,000 |
3,62,000 |
||||
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|
Liabilities |
₹ |
Assets |
₹ |
||
|
Sundry Creditors |
40,000 |
Goodwill |
25,000 |
||
|
Bills Payable |
15,000 |
Leasehold |
1,00,000 |
||
|
Workmen Compensation Reserve |
30,000 |
Patents | 30,000 | ||
|
Capital A/cs: |
Machinery | 1,50,000 | |||
| R | 1,50,000 | Stock | 50,000 | ||
| S |
1,25,000 |
Debtors | 40,000 | ||
| T |
75,000 |
3,50,000 |
Cash at Bank | 40,000 | |
|
4,35,000 |
4,35,000 |
||||
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|
Liabilities |
Amount (₹) |
Assets |
Amount |
||
|
Creditors |
43,000 |
Cash |
10,200 |
||
|
Bills Payable |
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24,500 |
||
|
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|
Capital A/cs: |
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| C |
50,000 |
||||
| D |
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1,42,000 |
|||
|
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2,72,000 |
||||
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|
Liabilities |
Amount |
Assets |
Amount |
|
| Sundry Creditors | 75,000 | Cash in Hand | 24,000 | |
| General Reserve | 90,000 | Cash at Bank | 1,40,000 | |
| Capital A/cs: | Sundry Debtors |
80,000 |
||
| Ashish |
3,00,000 |
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| Amit |
2,75,000 |
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Amount (₹) |
Assets |
Amount (₹) |
|
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Assets |
Amount (₹) |
|
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