Class 12th Accountancy 2017 Set1 Delhi Board Paper Solution
A and B were partners in a firm sharing profits and losses in the ratio of 4 : 3. They admitted C as a new partner. The new profit sharing ratio between A, B and C was 3 : 2 : 2. A surrendered 1⁄4 of his share in favour of C. Calculate B’s Sacrifice.
There are two ways of solution of the problem:
Way 1 :
A's sacrifice = A's Old ratio - A's New Ratio
= 4/7 - 3/7
= 1/7
B's sacrifice = C's Share - A's sacrifice
= 2/7 - 1/7
= 1/7
Way 2 :
B's sacrifice = B's Old share - B's New share
= 3/7 - 2/7
= 1/7
Popular Questions of Class 12th accountancy
- Q:-
What is Capital Fund? How is it calculated?
- Q:-
What is sacrificing ratio? Why is it calculated?
- Q:-
If a fixed amount is withdrawn on the first day of every quarter, for what period the interest on total amount withdrawn will be calculated?
- Q:-
Why there is need for the revaluation of assets and liabilities on the admission of a partner?
- Q:-
What is subscription? How is it calculated?
- Q:-
List the items which may be debited or credited in capital accounts of the partners when:
(i) Capitals are fixed.
(ii) Capital are fluctuating. - Q:-
Why is Profit and Loss Adjustment Account prepared? Explain.
- Q:-
If some goodwill already exists in the books and the new partner brings in his share of goodwill in cash, how will you deal with existing amount of goodwill?
- Q:-
Why it is considered desirable to make the partnership agreement in writing.
- Q:-
On what occasions sacrificing ratio is used?
Recently Viewed Questions of Class 12th accountancy
- Q:-
Define Partnership Deed.
- Q:-
Why is Profit and Loss Adjustment Account prepared? Explain.
- Q:-
What is meant by partnership? Explain its chief characteristics? Explain.
- Q:-
Priya and Kajal are partners in a firm, sharing profits and losses in the ratio of 5:3. The balance in their fixed capital accounts, on April 1, 2016 were: Priya, Rs. 6,00,000 and Kajal, Rs. 8,00,000. The profit of the firm for the year ended March 31, 2017 was Rs, 1,26,000. Calculate their shares of profits: (a) when there is no agreement in respect of interest on capital, and (b) when there is an agreement that the interest on capital will be allowed @ 12% p.a.
- Q:-
What is a Realisation Account?
- Q:-
List the items which may be debited or credited in capital accounts of the partners when:
(i) Capitals are fixed.
(ii) Capital are fluctuating. - Q:-
Illustrate how interest on drawings will be calculated under various situations.
- Q:-
What is sacrificing ratio? Why is it calculated?
- Q:-
On what occasions sacrificing ratio is used?
- Q:-
If a fixed amount is withdrawn on the first day of every quarter, for what period the interest on total amount withdrawn will be calculated?