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H, P and S were partners in a firm sharing profits in the ratio of 4 : 3 : 3. On August 1, 2017, P died. His 20 % share was acquired by H and remaining by S. Calculate the new profit sharing ratio. |
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Answer» Ratio of H, P and S is 4 : 3 : 3 H’s Gain = 3/10 X 20 /100 = 3 /50 H’s new share = H’s old share + H’s Gain = 4/10 + 3/50 = 23/50 S’s Gain = 3/10 X 80 /100 = 12 /50 S’s new share = S’s old share + S’s Gain = 3/10 + 12/50 = 27/50 New Profit sharing Ratio of H and S is 23 : 27 |
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