Kumar, Lakshya, Manoj and Naresh are partners sharing profits in the ratio of3 : 2 : 1 : 4. Kumar retires and his share is acquired by Lakshya and Manoj inthe ratio of 3:2. Calculate new profit sharing ratio and gaining ratio of theremaining partners.
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
Kumar, Lakshya, Manoj and Naresh are partners sharing profits in the ratio of
3 : 2 : 1 : 4. Kumar retires and his share is acquired by Lakshya and Manoj in
the ratio of 3:2. Calculate new profit sharing ratio and gaining ratio of the
remaining partners.
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