Question

Ramesh wants to retire from the firm. The gain (profit) on revaluation on that date was ₹ 12,000. Mohan and Rahul want to share this in their new profit-sharing ratio of 3 : 2. Ramesh wants this to be shared equally. How is the profit to be shared ? Give reasons.

Answer 1

Answer:

May I know the ques pls.....................

Answer 2

Working notes:

Revaluation of assets and liabilities is made at the time of Ramesh's retirement and not after his retirement. Therefore, profits on revaluation will be distributed among all the partners in their old profit sharing ratio or equally in absence of partnership deed.

Profit Share of Ramesh's $=12,000 \times \frac{1}{3}=24,000$

Profit Share of Mohan's $=12,000 \times \frac{1}{3}=24,000$

Profit Share of Rahul's $=12,000 \times \frac{1}{3}=24,000$