Multiple Choice Questions on X and Tare partners sharing profits in the ratio of 4 3 Z is admitted for 1 5th share and he brings ........... for Commerce 12th Preparation

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Multiple Choice Questions

X and Tare partners sharing profits in the ratio of 4 3 Z is admitted for 1 5th share and he brings ...........

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    X and Tare partners sharing profits in the ratio of 4 : 3. Z is admitted for 1/5th share and he brings in Rs1,40,000 as his share of goodwill in cash of which Rs1,20,000 is credited to X and remaining amount to Y. New profit sharing ratio will be :

    4 : 3 : 5

    Incorrect Answer

    2 : 2 : 1

    Correct Answer

    1 : 2 : 2

    Incorrect Answer

    2 : 1 : 2

    Incorrect Answer
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    Explanation:

    - X and Tare are initially sharing profits in a 4:3 ratio. Z is admitted for a 1/5th share.

     X sacrifise in Z share  = 1,20,000/1,40,000 = 6/7

    Tare sacrifise Z share  = 20,000/1,40,000 = 1/7   

    X sacrifise = 1/5 X 6/7 = 6/35

    Tare sacrifise = 1/5 X 1/7 = 1/35

     - Calculate the new profit-sharing ratio:

    X = 4/7 - 6/35 = (20 - 6)/35= 14/35

    T = 3/7 - 1/35 = (15 -1)/35 = 14/35

    Z = 1/5 or  7/35 

    New ratio 14:14:7 = 2:2:1

    By: santosh
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