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Published on: 13/05/2022
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1.
Mani, Gani and Soni are partners sharing the profits and losses in the ratio of 4:5:6. Mani retires from the firm. Calculate the new profit sharing ratio and gaining ratio.
2.
Ramu, Somu, Gopu are partners sharing profits in the ratio of 3 : 5 : 7. Gopu retires and the share is purchased by Ramu and Somu in the ratio of 3 : 1. Find the new profit sharing ratio and gaining ratio
3.
Kayal, Mala and Neela are partners sharing profits in the ratio of 2:2:1. Kayal retires and the new profit sharing ratio between Nila and Neela is 3:2. Calculate the gaining ratio.
4.
Dheena, Surya and Janaki are partners sharing profits and losses in the ratio of 5:3:2. On 31.3.2018, Dheena retired. On the date of retirement, the books of the firm showed a reserve fund of Rs. 50,000. Pass journal entry to transfer the reserve fund.
5.
What is the purpose of calculating gaining ratio?
1.
Since, New profit sharing ratio, share gained and the proportion of share gained is not given, the new share is calculated by assuming that the share gained in the proportion of old ratio. Therefore the new profit sharing ratio and the gaining ratio between the continuing partners, Gani and Soni is their old profit sharing ratio, that is 5 : 6.
2.
Gopu 's share = \(\cfrac { 7 }{ 15 } \)
Share gained = Retiring partner's share x proportion of share gained
Ramu =\(\cfrac { 7 }{ 15 } \times \cfrac { 3 }{ 4 } =\cfrac { 21 }{ 60 } \)
Somu = \(\cfrac { 7 }{ 15 } \times \cfrac { 7 }{ 4 } =\cfrac { 7 }{ 60 } \)
Gaining ratio = \(\cfrac { 21 }{ 60 } :\cfrac { 7 }{ 60 } \) that is 3 : 1
New share of continuing partner = Old share + Share gained
Ramu = \(\cfrac { 3 }{ 15 } +\cfrac { 21 }{ 60 } =\cfrac { 12 }{ 21 } =\cfrac { 33 }{ 60 } =\cfrac { 11 }{ 20 } \)
Somu = \(\cfrac { 5 }{ 15 } +\cfrac { 7 }{ 60 } =\cfrac { 20+7 }{ 60 } =\cfrac { 27 }{ 60 } =\cfrac { 9 }{ 20 } \)
The new ratio of Ramu and Somu is \(\cfrac { 11 }{ 20 } :\cfrac { 9 }{ 20 } \) that is 11 : 9
3.
Share gained = New share - Old share
Mala = \(\cfrac { 3 }{ 5 } -\cfrac { 1 }{ 5 } =\cfrac { 1 }{ 5 } \)
Neela = \(\cfrac { 2 }{ 5 } -\cfrac { 1 }{ 5 } =\cfrac { 1 }{ 5 } \)
Therefore, the gaining ratio of Mala and Neela is 1:1
4.
| Date | Particulars | L.F | Debit Rs |
Credit Rs |
|---|---|---|---|---|
| 2018 | General reserve A/c Dr | 50,000 | ||
| March 31 | To Dheena A/c | 25,000 | ||
| To Surya A/c | 15,000 | |||
| To Janaki A/c | 10,000 | |||
| (General reserve transferred to all | ||||
| partner's capital account in the profit sharing ratio) | ||||
5.
The purpose of finding the gaining ratil:>is to bear the goodwill to be paid to the retiring partner.
The share gained is calculated as follows:
Share gained = New share - Old share
Gaining ratio = Ratio of share gained bythe continuing partners.
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