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Question
Raja and Ravi are partners, sharing profits in the ratio of 3 : 2. They admit Ram for 1/4 share of the profit. He takes 1/20 share from Raja and 4/20 from Ravi. Calculate the new profit sharing ratio and sacrificing ratio.
Solution
New Profit Sharing Ratio = Old Ratio – Sacrificing Ratio
Raja = `3/5 - 1/20 = (12 - 1)/20 = 11/20`
Ravi = `2/5 - 4/20 = (8 - 4)/20 = 4/20`
Ram = `1/20 + 4/20 = 5/20`
New Profit sharing Ratio = 11 : 4 : 5
Sacrificing Ratio = `1/20 : 4/20` = 1 : 4
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RELATED QUESTIONS
If the old profit sharing ratio is more than the new profit sharing ratio of a partner, the difference is called ____________.
Match List I with List II and select the correct answer using the codes given below:
| List I | List II |
| (i) Sacrificing ratio | 1. Investment fluctuation fund |
| (ii) Old profit sharing ratio | 2. Accumulated profit |
| (iii) Revaluation Account | 3. Goodwill |
| (iv) Capital Account | 4. Unrecorded liability |
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