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Question
Vimala and Kamala are partners, sharing profits and losses in the ratio of 4 : 3. Vinitha enters into the partnership and she acquires 1/14 from Vimala and 1/14 from Kamala. Find out the new profit sharing ratio and sacrificing ratio.
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Solution
New Profit Sharing Ratio = Old Ratio – Sacrificing Ratio
Vimala = `4/7 - 1/14 = (8 - 1)/14 = 7/14`
Kamala = `3/7 - 1/14 = (6 - 1)/14 = 5/14`
Vinitha = `1/14 + 1/14 = 2/14`
New Profit Sharing Ratio = 7 : 5 : 2
Sacrificing Ratio = 1 : 1
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RELATED QUESTIONS
If the old profit sharing ratio is more than the new profit sharing ratio of a partner, the difference is called ____________.
Match List I with List II and select the correct answer using the codes given below:
| List I | List II |
| (i) Sacrificing ratio | 1. Investment fluctuation fund |
| (ii) Old profit sharing ratio | 2. Accumulated profit |
| (iii) Revaluation Account | 3. Goodwill |
| (iv) Capital Account | 4. Unrecorded liability |
What is sacrificing ratio?
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