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X,Y.and Z are partners in firm sharing profit in the ratio in 4:3;3 ratio. They admitted P as a new partners X,Y,and Z each surrendered 1/3rd of his share in favour of P. Calculate new P/L ratio of X,Y,Z and P?
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X,Y.and Z are partners in firm sharing profit in the ratio in 4:3;3 ra...
Calculation of New P/L Ratio
Step 1: Calculate the total profit sharing ratio of X, Y, and Z before admitting P.
Total profit sharing ratio = 4 + 3 + 3 = 10
Step 2: Calculate the amount surrendered by each partner in favor of P.
Amount surrendered by X = 1/3 * 4/10 = 4/30 = 2/15
Amount surrendered by Y = 1/3 * 3/10 = 3/30 = 1/10
Amount surrendered by Z = 1/3 * 3/10 = 3/30 = 1/10
Step 3: Calculate the new profit sharing ratio after admitting P.
New profit sharing ratio of X = (4/10 - 2/15) / (1 - 1/3) = 16/45
New profit sharing ratio of Y = (3/10 - 1/10) / (1 - 1/3) = 8/45
New profit sharing ratio of Z = (3/10 - 1/10) / (1 - 1/3) = 8/45
Profit sharing ratio of P = 1 - (16/45 + 8/45 + 8/45) = 13/45
Step 4: Express the new profit sharing ratio in the desired format.
New P/L ratio of X, Y, Z, and P = 16:8:8:13
Explanation:
- The total profit sharing ratio of X, Y, and Z before admitting P is calculated by adding their individual profit sharing ratios.
- To calculate the amount surrendered by each partner, we multiply 1/3 (as each partner surrendered 1/3 of his share) with his individual profit sharing ratio and then divide it by the total profit sharing ratio (as the amount surrendered is in proportion to the total profit sharing ratio).
- The new profit sharing ratio of each partner is calculated by subtracting the surrendered amount from his individual profit sharing ratio and then dividing it by (1 - 1/3) (as the remaining profit is shared among the partners in the ratio of 2:1).
- The new P/L ratio is expressed in the desired format by simplifying the new profit sharing ratios of X, Y, and Z and expressing the profit sharing ratio of P as the remaining amount.
Step 1: Calculate the total profit sharing ratio of X, Y, and Z before admitting P.
Total profit sharing ratio = 4 + 3 + 3 = 10
Step 2: Calculate the amount surrendered by each partner in favor of P.
Amount surrendered by X = 1/3 * 4/10 = 4/30 = 2/15
Amount surrendered by Y = 1/3 * 3/10 = 3/30 = 1/10
Amount surrendered by Z = 1/3 * 3/10 = 3/30 = 1/10
Step 3: Calculate the new profit sharing ratio after admitting P.
New profit sharing ratio of X = (4/10 - 2/15) / (1 - 1/3) = 16/45
New profit sharing ratio of Y = (3/10 - 1/10) / (1 - 1/3) = 8/45
New profit sharing ratio of Z = (3/10 - 1/10) / (1 - 1/3) = 8/45
Profit sharing ratio of P = 1 - (16/45 + 8/45 + 8/45) = 13/45
Step 4: Express the new profit sharing ratio in the desired format.
New P/L ratio of X, Y, Z, and P = 16:8:8:13
Explanation:
- The total profit sharing ratio of X, Y, and Z before admitting P is calculated by adding their individual profit sharing ratios.
- To calculate the amount surrendered by each partner, we multiply 1/3 (as each partner surrendered 1/3 of his share) with his individual profit sharing ratio and then divide it by the total profit sharing ratio (as the amount surrendered is in proportion to the total profit sharing ratio).
- The new profit sharing ratio of each partner is calculated by subtracting the surrendered amount from his individual profit sharing ratio and then dividing it by (1 - 1/3) (as the remaining profit is shared among the partners in the ratio of 2:1).
- The new P/L ratio is expressed in the desired format by simplifying the new profit sharing ratios of X, Y, and Z and expressing the profit sharing ratio of P as the remaining amount.
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X,Y.and Z are partners in firm sharing profit in the ratio in 4:3;3 ratio. They admitted P as a new partners X,Y,and Z each surrendered 1/3rd of his share in favour of P. Calculate new P/L ratio of X,Y,Z and P?
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X,Y.and Z are partners in firm sharing profit in the ratio in 4:3;3 ratio. They admitted P as a new partners X,Y,and Z each surrendered 1/3rd of his share in favour of P. Calculate new P/L ratio of X,Y,Z and P? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about X,Y.and Z are partners in firm sharing profit in the ratio in 4:3;3 ratio. They admitted P as a new partners X,Y,and Z each surrendered 1/3rd of his share in favour of P. Calculate new P/L ratio of X,Y,Z and P? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for X,Y.and Z are partners in firm sharing profit in the ratio in 4:3;3 ratio. They admitted P as a new partners X,Y,and Z each surrendered 1/3rd of his share in favour of P. Calculate new P/L ratio of X,Y,Z and P?.
X,Y.and Z are partners in firm sharing profit in the ratio in 4:3;3 ratio. They admitted P as a new partners X,Y,and Z each surrendered 1/3rd of his share in favour of P. Calculate new P/L ratio of X,Y,Z and P? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about X,Y.and Z are partners in firm sharing profit in the ratio in 4:3;3 ratio. They admitted P as a new partners X,Y,and Z each surrendered 1/3rd of his share in favour of P. Calculate new P/L ratio of X,Y,Z and P? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for X,Y.and Z are partners in firm sharing profit in the ratio in 4:3;3 ratio. They admitted P as a new partners X,Y,and Z each surrendered 1/3rd of his share in favour of P. Calculate new P/L ratio of X,Y,Z and P?.
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X,Y.and Z are partners in firm sharing profit in the ratio in 4:3;3 ratio. They admitted P as a new partners X,Y,and Z each surrendered 1/3rd of his share in favour of P. Calculate new P/L ratio of X,Y,Z and P?, a detailed solution for X,Y.and Z are partners in firm sharing profit in the ratio in 4:3;3 ratio. They admitted P as a new partners X,Y,and Z each surrendered 1/3rd of his share in favour of P. Calculate new P/L ratio of X,Y,Z and P? has been provided alongside types of X,Y.and Z are partners in firm sharing profit in the ratio in 4:3;3 ratio. They admitted P as a new partners X,Y,and Z each surrendered 1/3rd of his share in favour of P. Calculate new P/L ratio of X,Y,Z and P? theory, EduRev gives you an
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