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Class 12AccountancyReconstitution - Retirement or Death of a PartnerNew RatiosEasy
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A, B and C share profits in the ratio 5:4:1. After C retires, the new profit-sharing ratio between A and B is 3:2. What will be B’s new share of profit?

Answer and explanation

Correct answer: 2/5

After C’s retirement, the new ratio of A:B is 3:2. The total number of parts is 3 + 2 = 5, so B’s new share is 2/5. The fraction 3/5 represents A’s share, not B’s. Exam tip: To find a partner’s share from a ratio, divide that partner’s ratio number by the sum of all ratio numbers.

Related tags

New RatioRetirement Of PartnerProfit Sharing RatioPartners ShareAccountancy Class 12New RatiosReconstitution Retirement Or Death Of A PartnerAccountancy
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10 more MCQs
  1. 1A, B and C share profits in (4:3:2). C retires. A and B will share future profits in (5:4). What is the gaining ratio?
  2. 2A, B and C share profits in (5:3:2). C retires. A and B will share future profits in (7:5). What is the gaining ratio?
  3. 3What does the new profit-sharing ratio of the remaining partners represent when a partner retires?
  4. 4A, B and C share profits in the ratio 3:2:1. C retires, and there is no new agreement. What is the new profit-sharing ratio of A and B?
  5. 5A, B and C share profits in the ratio 5:3:2. B dies, and A and C decide to continue sharing profits in their old ratio. What will be the new profit-sharing ratio of A and C?
  6. 6Among whom is the gaining ratio calculated when a partner retires?
  7. 7What is the general formula for a continuing partner’s gain on a partner’s retirement?
  8. 8A, B, and C share profits in the ratio 2:2:1. C retires, and A and B acquire C’s share equally. What is the new profit-sharing ratio of A and B?
  9. 9A, B and C share profits in the ratio 4:3:2. C retires, and A takes over C’s entire share. What will be the new profit-sharing ratio of A and B?
  10. 10A, B and C share profits in the ratio 3:3:2. When C retires, B takes over C’s entire share. What will be the new profit-sharing ratio of A and B?
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