Bissoy.com
Doctors Medicines MCQs Q&A

A and B were two partners in a firm sharing profits in 3 ∶ 2. In the year 2015, the profit of the firm was Rs. 10000 which has been duly distributed among A and B. Later on they decided that C, their manager will also be treated as partner in the firm from beginning of year 2015 and will be entitled to 1/6 of the share in the firm. They decided to transfer 10% of the profits to general reserve. Redistribute the profits and find the amount of profit to be provided or taken back from B in new ratio.

A and B were two partners in a firm sharing profits in 3 ∶ 2. In the year 2015, the profit of the firm was Rs. 10000 which has been duly distributed among A and B. Later on they decided that C, their manager will also be treated as partner in the firm from beginning of year 2015 and will be entitled to 1/6 of the share in the firm. They decided to transfer 10% of the profits to general reserve. Redistribute the profits and find the amount of profit to be provided or taken back from B in new ratio. Correct Answer Rs. 1000

Share of A and B in old ratio,

⇒ A has received = 3/5 of 10000 = 30000/5 = 6000

⇒ B has received = 2/5 of 10000 = 20000/5 = 4000

Now for new ratio, Let total share be 1

⇒ C’s share = 1 – (1/6) = 5/6

⇒ A’s new share = 3/5 of 5/6 = 3/6

⇒ B’s new share = 2/5 of 5/6 = 2/6

⇒ New ratio of A, B and C = 3 ∶ 2 ∶ 1

⇒ Amount of profit to be transferred to general reserve = 10% of 10000 = Rs. 1000

⇒ Profit left = 10000 – 1000 = Rs. 9000

Now, After Distribution of profit in new ratio,

⇒ A will get = 3/6 of 9000 = 9000/2 = Rs. 4500

⇒ B will get = 2/6 of 9000 = 9000/3 = Rs. 3000

⇒ C will get = 1/6 of 9000 = 9000/6 = Rs. 1500

⇒ Excess of B’s share in old ratio = 4000 – 3000 = Rs. 1000

∴ Rs. 1000 will be returned by B to firm

Related Questions

The profit – sharing ratio of two partners is 2 : 3 if another partner is added with 40% of the profit – sharing ratio and the profit – sharing ratio of the initial two partners remains the same. Find the new profit – sharing ratio.
Which of the following are correct regarding rights of partners?
1. A partner has the right to allow the admission of a new partner.
2. Every partner has a right to take part in the management of business.
3. Every partner has a joint ownership of partnership property.
4. Every partner has a right to share the profit not the losses with other partners.
5. Every partner has a right to inspect the books of account and have a copy of the same.
6. In case of emergency, a partner has a right to act as a man of prudence.
Select the correct answer:
R and S are partners sharing profits in the ratio of 5 : 3. T joins the firm as a new partner. R given $${\frac{1}{4}^{{\text{th}}}}$$ of his share and S given $${\frac{2}{5}^{{\text{th}}}}$$ of his share to new partner. New profit sharing ratio of R, S and T will be
The General Manager is entitled to a comission of 10% on net profit after charging the commission of Works Manager. The Works Manager is entitled to a commission of 5% on the net profits after charging the commission of General Manager. The profit before charging any commission is Rs. 7,500. The commission of the Works manager, to the nearest rupee, will be:
The general manager is entitled to a commission of 10% on net profit after charging the commission of works manager. The works manager is entitled to a commission of 5% on the net profit after charging the commission of general manager. The profit before charging any commission is Rs. 7,000. The commission of the works manager, to the nearest rupee, will be
3 partners – A, B and C have opened a partnership firm and mutually decided a profit share of each partners. They have decided that A’s profit share is twice of the B’s profit share and C’s share is 1/3rd of the B’s share. If total revenue is Rs. 2,26,129 and total expense is Rs. 1,13,069, then what will be the profit share of B?
A and B share profits and losses in a firm in the ratio of 3 : 2. And C entered in the firm as a new partner; his profit sharing ratio is $$\frac{1}{4}$$. If C has taken his share of profit from A and B in equal ratio, then the new profit shearing ratio will be ?
A, B and C were partners in a firm with the profit – sharing ratio 9 : 8 : 10. If B retires in a new year and his share was distributed among a and C in the ratio 1 : 3, find the new profit – sharing ratio of A and C.
A and B are partners in a firm sharing profits in the ratio of 3 : 2. They admit X as a partner for $$\frac{1}{3}$$ share in profits of the firm. The new profit sharing ratio of A, B and X is
X and Y are partners in a firm sharing profits in the ratio of 3 : 1. They admit Z as a partner with new profit sharing ratio of 2 : 1 : 1. The amount of goodwill brought in by new partner will be credited to