Mr. K, Mr. N and Mr. P are partners sharing profits and losses in the ratio of 4: 3: 2. Mr. N retires, and the goodwill is valued at Rs. 72,000. Mr. K and Mr. P decided to share future profits and losses in the ratio of 5: 3. Calculate the gaining ratio of Mr. K and Mr. P. 10:11 13:11 11:13 None of these
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
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