Singh, Gupta and Khan are partners in a firm sharing profits in 3:2:3 ratio. They admitted Jain as a new partner. Singh surrendered 1/3 of his share in favour of Jain: Gupta surrendered 1/4 of his share in favour of Jain and Khan surrendered 1/5 in favour of Jain. Calculate new profit sharing ratio?
Answers
Answer:
old ratio–
Singh : Gupta : Khan = 3:2:3
sum of ratio terms = 3+2+3 = 8
singh – surrendered 1/3 of 3 = 1 out of 3
gupta – surrendered 1/4 of 2 = 0.5 out of 2
khan – surrendered 1/5 of 3 = 0.6 out of 3
new ratio—
singh – 3-1 = 2
gupta – 2-0.5 = 1.5
khan – 3-0.6 = 2.4
jain – 8-(2+1.5+2.4) = 8-5.9 = 2.1
singh : gupta : khan : jain = 2 : 1.5 : 2.4 : 2.1
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Answer:
New profit sharing ratio is 20 : 15 : 24 : 21.
Step by step explanation:
Given that,
Old Profit Sharing ratio of the partners Singh, Gupta and Khan = 3 : 2 : 3
Singh surrendered 1/3 of his share,
Gupta surrendered 1/4 of his share,
And Khan surrendered 1/5 in favour of Jain.
So,
Singh's sacrificing ratio = 1/3 × 3/8 = 3/24
Gupta's sacrificing ratio = 1/4 × 2/8 = 2/32
King's sacrificing ratio = 1/5 × 3/8 = 3/40
We know that,
New ratio = Old ratio - sacrifice ratio
Singh's new share = 3/8 - 3/24
= (9 - 3)/24
= 6/24
Gupta's new share = 2/8 - 2/32
= (8 - 2)/32
= 6/32
Khan's new share = 3/8 - 3/40
= (15 - 3)/40
= 12/40
Now, Jain's new share = Singh's new share + Gupta's new share + Khan's new share
Jain's new share = 6/24 + 6/32 + 12/40
= (60 + 30 + 36)/480
= 126/480
Thus,
New profit sharing ratio = 6/24 : 6/32 : 12/40 : 126/480
= 120/480 : 90/480 : 144/480 : 126/480
= 120 : 90 : 144 : 126 or 20 : 15 : 24 : 21
Thus, the new profit sharing ratio is 20 : 15 : 24 : 21.