At the time of admission of a partner, who decides what will be the share of profit of the new partner out of the firm’s profit? (Delhi 2013 C. CBSF. 2019 c) Post category:Accountancy Reading time:1 mins read SOLUTION All the existing partners decide the share of new partner’s profit with mutual consent. Please Share This Share this content Opens in a new window Twitter Opens in a new window Facebook Opens in a new window Google+ Opens in a new window Pinterest Opens in a new window LinkedIn Opens in a new window Viber Opens in a new window VK Opens in a new window Reddit Opens in a new window Tumblr Opens in a new window Viadeo Opens in a new window WhatsApp Read more articles Previous PostAmit and Beena were partners in a firm sharing profits and losses in the ratio of 3: 1. Chaman was admitted as a new partner for l/6lh share in the profits. Chaman acquired 2/5th of his share from Amit. How much share did Chaman acquire from Beena? (Delhi and AI 2018) Next PostKiya and Leela are partners sharing profits in the ratio of 3: 2. Kiran was admitted as a new partner with l/5th share in the profits and brought in Rs. 24,000 as her share of goodwill premium that was credited to the Capital Accounts of Kiya and Leela respectively with Rs. 18,000 and Rs. 6,000. Calculate the new profit-sharing ratio of Kiya, Leela and Kiran. (C.B.S.E. 2019) You Might Also Like What is meant by ‘Irredeemable Debentures’? September 29, 2022 On 1st April, 2013, Jay and Vijay entered into partnership for supplying laboratory equipments to government schools situated in remote and backward areas. They contributed capitals of Rs. 80,000 and Rs. 50,000 respectively and agreed to share the profits in the ratio of 3: 2. The partnership Deed provided that interest on capital shall be allowed at 9% per annum. During the year the firm earned a profit of Rs. 7,800. Showing your calculations Cleary, prepare ‘Profit and Loss Appropriation Account’ of Jay and Vijay for the year ended 31st March, 2014. July 21, 2022 If total assets of a firm are Rs. 6,00,000 and total liabilities are Rs. 1,80,000, what will the capitals of P, Q and R if they share profits in the ratio of their capitals and profit-sharing ratio is 5: 4: 3. September 27, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.