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Question
P, Q and R share profits in the ratio of 5 : 4 : 3. R retires and the new ratio is 5 : 3. If R is given ₹ 6,000 as goodwill, P and Q will be debited from ₹ ______ and ₹ ______ respectively.
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Solution
P, Q and R share profits in the ratio of 5 : 4 : 3. R retires and the new ratio is 5 : 3. If R is given ₹ 6,000 as goodwill, P and Q will be debited from ₹ 5,000 and ₹ 1,000 respectively.
Explanation:
Old ratio
P = `5/12`
Q = `4/12`
New ratio = P = `5/8`
Q = `3/8`
Gaining ratio = P = `5/8-5/12`
= `(15-10)/24`
= `5/24`
Q = `3/8-4/12`
= `(9-8)/24`
= `1/24`
P : Q = 5 : 1
R's share of goodwill = 6000
P = `6000xx5/6=5000`
Q = `6000xx1/6=1000`
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