CUET Accountancy - Which among the following is NOT true for New Profit Sharing Ratio: | PYQs + Solutions

CUET Accountancy 2025 3 June Shift 2

Partnership

Medium

common

How much of the share of profit for the new partner and how he will acquire it from the existing partners is decided mutually between the old partners and the new partner.

If nothing is specified as to how the new partner acquires his share from the old partners, it may be assumed that he gets it from them in their profit sharing ratio.

The new partner acquires his share from the old partners only according to their respective contribution, no any other way can be possible for profit sharing at any condition.

On admission of a new partner, the profit sharing ratio among the old partners will change, keeping in view their respective contribution to the profit sharing ratio of the incoming partner.

✅ Correct Option: 3

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Mohit, Neeraj and Sohan are partners in a firm sharing profits in the ratio of 2 : 1 : 1. Neeraj retires and Mohit and Sohan decided that the capital of the new firm will be fixed at Rs. 1,20,000 and D is to bring in cash equivalent to 1/4th of this amount as his capital. The capital accounts of Mohit and Sohan show a credit balance of Rs. 82,000 and Rs. 41,000 respectively after making all the adjustments. Calculate the actual cash to be paid off or to be brought in by the continuing partners in total-

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CUET Accountancy 2025 3 June Shift 2 PYQs

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