Define Gaining Ratio? Post category:Accountancy Reading time:1 mins read SOLUTION The ratio in which one or more partners gain some portion of other partners share of profit is called gaining ratio. It is calculated by deducting old ratio from the new ratio. Please Share This Share this content Opens in a new window X Opens in a new window Facebook 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 PostGive two circumstances in which sacrificing ratio may be applied. Next PostGive the formula for calculating Gaining Ratio of a partners in a partnership firm. You Might Also Like What is meant by Issue of Debentures for Consideration other than Cash? September 29, 2022 How would you treat Employees Provident Fund shown on the liability side a of balance sheet, at the time of dissolution of partnership firm and why? September 27, 2022 On 31st March, 2019, after the closing of the accounts, the Capital Accounts of P, Q and R stood in the books of the firm at Rs. 40,000; Rs. 30,000 and Rs. 20,000 respectively. Subsequently, it was noticed that interest on capital @ 5% had been omitted. Profit for the year ended 31st March, 2019 was Rs. 60,000 and the partners’ drawings had been P – Rs. 10,000, Q Rs. 7,500 and R – Rs. 4,500. Profit-sharing ratio of P, Q and R is 3 : 2 : 1. Give necessary adjustment entry July 22, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
How would you treat Employees Provident Fund shown on the liability side a of balance sheet, at the time of dissolution of partnership firm and why? September 27, 2022
On 31st March, 2019, after the closing of the accounts, the Capital Accounts of P, Q and R stood in the books of the firm at Rs. 40,000; Rs. 30,000 and Rs. 20,000 respectively. Subsequently, it was noticed that interest on capital @ 5% had been omitted. Profit for the year ended 31st March, 2019 was Rs. 60,000 and the partners’ drawings had been P – Rs. 10,000, Q Rs. 7,500 and R – Rs. 4,500. Profit-sharing ratio of P, Q and R is 3 : 2 : 1. Give necessary adjustment entry July 22, 2022