12th Class
Accountancy
Admission of a Partner
Question Bank
Case Baesd - Reconstitution Of a Partnership Firm : Admission of a Partner
question_answer
You are required to find out 20 to 21: On 1.4.2018, Sahil and Charuentered into partnership for sharing profits in the ratio of 4 : 3. They admitted Tanu as a new partner on 1-4-2020 for 1/5th share which she acquired equally from Sahil and Charu. Sahil, Charu and Tanu earned profits at a higher rate than the normal rate of return for the year ended 31.3.2021. Therefore, they decided to expand their business. To meet the requirements of additional capital they admitted Puneet as a new partner on 1.4.2021 for 1/7th share in profits which he acquired from Sahil and Charu in 7 : 3 ratio. New profit sharing ratio of Sahil, Charu and Tanu for the year 2020-21: