16. (Different Cases of NPS) (1) Singh and Pandit are partners in 4 : 1 ratio. They admitted Maulvi as partner. The new profit ratio is 5 : 3 : 2. Find out Gaining and sacrifice ratio of old partners. (ii) Flower and Plant are partners sharing profits 60 paise and 40 paise in a rupee. Thorn is a new partner admitted. The following is the arrangement for sharing profits. Flower Thorn 2 10 Reserve Plant 2 1 5 10 10 10 Find out sacrifice or gain.
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Explanation:
At the time of admission of new partner undistributed profit or losses are distributed to all partners in new ratio.
2. Profit or loss on revaluation of assets and liabilities is transferred to old partner's capital account in old profit sharing ratio.
3. Goods brought in by incoming partner in cash for joining in a partnership firm is taken away by the old partner's in their new profit-sharing ratio.
Which of the above statement/s is/are true
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