Question

Rajan and Mohan are partners and the share in the ratio of 7:5 sudheer was admitted into the firm by giving him 1/8th sharing future profit which team acquired 1/24 th from rajan and 2/24 th from Mohan arrived at 24th the new profit sharing ratio​

Answer 1

Question :-

To find out new profit sharing ratio.

Solution :-

$\sf\implies \: old \: ratio \: of \: partners = 7: 5$

•) Sudheer is admitted into partnership by 1/8 future profit and acquired 1/24 from Rajan and 2/24 from Mohan.

$\sf :\implies \:share \:of \: rajan= \frac{7}{12} - \frac{1}{24} = \frac{7 \times 2}{12 \times 2} - \frac{1}{24} =\frac{14 - 1}{24}= \frac{13}{24}$

$\sf : \implies \: share \: of \: mohan = \frac{5}{12} - \frac{2}{24} = \frac{5 \times 2}{12 \times 2} - \frac{2}{24} = \frac{10 - 2}{24} = \frac{8}{24}$

$\sf: \implies \: share \: of \: sudheer = \frac{1}{8} = \frac{3}{24}$

$\rm\purple{: \implies \: new \: profit \: sharing \: ratio = 13:8:3}$

Answer 2

Answer:

JOURNAL

1. Cash a/c...                              Dr.                      13600

          To C's Capital a/c                                               10000

          To Premium for Goodwill a/c                              3600

(Being capital and premium for goodwill brought in by C)

2. Premium for Goodwill a/c..   Dr.                       3600

          To A's Capital a/c                                                900

           To B's Capital a/c                                                2700

(Being premium for goodwill brought in by C distributed among the partners in the ratio of 1:3)

3. Profit and Loss Appropriation a/c.. Dr.             24000

            To A's Capital a/c                                                 13000

            To B's Capital a/c                                                  7000

            To C's Capital a/c                                                  4000

(Being profit after C's admission distributed among the partners in the ratio of 13:7:4)

Working Note:

1. Calculation of sacrificing ratio:

A's sacrifice= 1/24

B's sacrifice= 1/8

Hence, Sacrificing ratio= 1:3

2. Distribution of premium for goodwill in sacrificing ratio:

A's share= 3600 * 1/4= 900

B's share= 3600 * 3/4= 2700

3. Calculation of new Profit sharing ratio:

A's new share= 7/12- 1/24= 13/24

B's new share= 5/12- 1/8= 7/24

C's share= 1/4

New profit sharing ratio= 13:7:4

4. Distribution of profit in new profit sharing ratio:

A's share= 24000 * 13/24= 13000

B's share= 24000 * 7/24= 7000

C's share= 24000 * 4/24= 4000