CUET CUET Accountancy 2024 - A, B and C are partners sharing profits in the ratio of 3:3:4. They decide to share the future profits equally. The sacrifice or gain of partners are: | PYQs + Solutions | AfterBoards
Skip to main contentSkip to question navigationSkip to solution
IPMAT Indore Free Mocks Topic Tests

CUET Accountancy 2024 PYQs

View all CUET PYQs →
Collection of AfterBoards IPMAT JIPMAT Past Year Papers with Solutions

CUET Accountancy 2024

Accountancy
>
Accounting for Partnership

Easy

A, B and C are partners sharing profits in the ratio of 3:3:4. They decide to share the future profits equally. The sacrifice or gain of partners are:

Correct Option: 1
A, B, and C share profits in the ratio 3:3:4. This means A gets 3 parts, B gets 3 parts, and C gets 4 parts out of a total of 10 parts.
Current shares: \newline A = 3/103/10 \newline B = 3/103/10 \newline C = 4/104/10
They decide to share profits equally, so each partner will get 1/31/3 of the total profits.
New shares: \newline Each partner = 1/31/3 = 10/3010/30
Now, we calculate the changes:
A: \newline Old = 9/309/30 \newline New = 10/3010/30 \newline Gain = 10/30−9/30=1/3010/30 - 9/30 = 1/30
B: \newline Old = 9/309/30 \newline New = 10/3010/30 \newline Gain = 10/30−9/30=1/3010/30 - 9/30 = 1/30
C: \newline Old = 12/3012/30 \newline New = 10/3010/30 \newline Sacrifice = 12/30−10/30=2/3012/30 - 10/30 = 2/30
So, the changes are: \newline A gains 1/301/30 \newline B gains 1/301/30 \newline C sacrifices 2/302/30
Thus, the correct answer is option 1.

Related questions:

CUET Accountancy 2024

Which of the following would affect the Revaluation Account at the time of reconstitution of a partnership firm?

CUET Accountancy 2024

Identify the correct sequence to be followed while preparing of final account of a partnership firm:

CUET Accountancy 2024

Match List-I with List-II

Keyboard Shortcuts

  • Left arrow: Previous question
  • Right arrow: Next question
  • S key: Jump to solution
  • Q key: Jump to question