Class 12 Exam > Class 12 Questions > X,Y.and Z are partners in firm sharing profit...
Start Learning for Free
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?
Most Upvoted Answer
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.
Community Answer
X,Y.and Z are partners in firm sharing profit in the ratio in 4:3;3 ra...
|
Explore Courses for Class 12 exam
|
|
Similar Class 12 Doubts
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?
Question Description
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?.
Solutions 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? in English & in Hindi are available as part of our courses for Class 12.
Download more important topics, notes, lectures and mock test series for Class 12 Exam by signing up for free.
Here you can find the meaning 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? defined & explained in the simplest way possible. Besides giving the explanation 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?, 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
ample number of questions to practice 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? tests, examples and also practice Class 12 tests.
|
|
Explore Courses for Class 12 exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup