Multiple Choice Questions on P and S are partners sharing profits in the ratio of 3 2 R is admitted with 1 5 th share and he brin........... for Commerce 12th Preparation

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Multiple Choice Questions

P and S are partners sharing profits in the ratio of 3 2 R is admitted with 1 5 th share and he brin...........

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    P and S are partners sharing profits in the ratio of 3 : 2. R is admitted with 1/5 th share and he brings in Rs84,000 as his share of goodwill which is credited to the Capital Accounts of P and S respectively with Rs63,000 and Rs21,000. New profit sharing ratio will be :

    3 : 1 : 5

    Incorrect Answer

    9 : 7 : 4

    Correct Answer

    3 : 2 : 5

    Incorrect Answer

    7 : 9 : 4

    Incorrect Answer
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    Explanation:

    - Initially, P and S share profits in the ratio of 3:2, which means P has 3/5 share and S has 2/5 share.

    Goodwill ratio = 63,000 : 21,000 = 3:1

    - R is admitted with a 1/5th share. 

    P's sacrifise = 3/4x1/5 = 3/20

    S's sacrifise = 1/4 x 1/5 = 1/20

    - P’s new share = (3/5) - (3/20) = 9/20

    - S’s new share = (2/5) - (1/20) = 7/20

    - R’s share remains 1/5 or 4/20.

    - Therefore, the new profit sharing ratio is 9:7:4.

    By: santosh
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