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Class 12AccountancyReconstitution - Retirement or Death of a PartnerNew RatiosHard
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A, B and C share profits in the ratio 5:8:2. When B retires, the new profit-sharing ratio of A and C becomes 4:1. What is C’s gaining share?

Answer and explanation

Correct answer: 1/15

C’s old profit share was 2/(5+8+2) = 2/15. Under the new ratio 4:1, C’s new share is 1/(4+1) = 1/5 = 3/15. Therefore, C’s gaining share is 3/15 − 2/15 = 1/15. The fraction 1/5 is C’s new share, not the gain. In the exam, calculate the old and new shares separately and then subtract the old share from the new share.

Related tags

AccountancyPartner RetirementNew RatioGaining ShareProfit SharingNew RatiosReconstitution Retirement Or Death Of A PartnerClass 12 Mcq
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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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