What would be the new Profit Sharing Ratio : Option 1: 2 : 1 : 1 : 1 Option 2: 5 : 3 : 2 : 1 Option 3: 4 : 1 : 1 : 1 Option 4: 20 : 12 : 8 : 4

The answer is '2 : 1 : 1 : 1'. View full solution:

CUET Accountancy - What would be the new Profit Sharing Ratio : | PYQs + Solutions

CUET Accountancy 2022 23 Aug Shift 2

Partnership

Hard

2 : 1 : 1 : 1

5 : 3 : 2 : 1

4 : 1 : 1 : 1

20 : 12 : 8 : 4

✅ Correct Option: 1

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A new partner can be admitted:

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Kavita and Lalita are partners, sharing profits in the ratio of 2:1. They decide to admit Mohan for 1/4th share in profits with a guaranteed amount of ₹ 25,000. Both Kavita and Lalita undertake to meet the liability arising due to the guaranteed amount to Mohan in their respective profit sharing ratio. The firm earned profits of ₹ 76,000 for the year 2022-23. The deficiency borne by Kavita is:

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At the time of admission of a partner, undistributed profits appearing in the balance sheet of the old firm is transferred to the capital account of:

CUET Accountancy 2022 23 Aug Shift 2 PYQs

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