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Accountancy · 2022 · 2 marks
Reconstitution of a Partnership Firm – Retirement/Death of a PartnerNew Profit Sharing Ratio on Retirement or Death of a Partner2 marksvery short answer
CBSE 2022 · Region 2 · Set 1 · Q3
Suman, Shubham and Siya were partners in a firm sharing profits and losses in the ratio of $\displaystyle 5$ : $\displaystyle 3$ : 2. Shubham retired from the firm and Suman and Siya decided to continue the business. Their gaining ratio was $\displaystyle 3$ : 2. Calculate the new profit sharing ratio of Suman and Siya.
Marking-scheme solution
Old Profit Sharing Ratio
Suman Shubham Siya
$\displaystyle 5$ $\displaystyle 3$ $\displaystyle 2$
$\displaystyle 10$ $\displaystyle 10$ $\displaystyle 10$
$\displaystyle 3$
Shubham’s share =
$\displaystyle 10$
Gaining ratio of Suman and Siya = $\displaystyle 3$ : $\displaystyle 2$
$\displaystyle 3$ $\displaystyle 3$ $\displaystyle 9$
Suman’s gain = =
$\displaystyle 5$ $\displaystyle 10$ $\displaystyle 50$
$\displaystyle 2$ $\displaystyle 3$ $\displaystyle 6$
Siya’s gain = =
$\displaystyle 5$ $\displaystyle 10$ $\displaystyle 50$
New share= Old Share + Gain
$\displaystyle 5$ $\displaystyle 9$
Suman’s new share = +
$\displaystyle 10$ $\displaystyle 50$
$\displaystyle 34$
=
$\displaystyle 50$
$\displaystyle 2$ $\displaystyle 6$
Siya’s new share = +
$\displaystyle 10$ $\displaystyle 50$
$\displaystyle 16$
=
$\displaystyle 50$
New profit sharing ratio of Suman and Siya : $\displaystyle 34$:$\displaystyle 16$
= $\displaystyle 17$ : $\displaystyle 8$
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CBSE Class 12 Accountancy past-paper question from the 2022board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.