Partnership

Step 1: Determine the old profit sharing ratio.
The old profit sharing ratio of the partners was: Total parts Thus,
Step 2: Determine the share of R.
R’s share in the firm is: R gives of his share to P. The remaining share goes to Q.
Step 3: Calculate the new shares of P and Q.
New share of P: Convert into common denominator: New share of Q: Convert into common denominator:
Step 4: Determine the new profit sharing ratio.
Divide by :
Step 5: Conclusion.
Thus, after the retirement of R, the new profit sharing ratio of P and Q becomes .
Final Answer:

Step 1: Determine the old profit sharing ratio.
Rushil and Abheer were sharing profits in the ratio: This means
Step 2: Determine the share given to the new partner.
Sunil receives a total share of which he acquires as:
Step 3: Calculate the remaining shares of old partners.
Rushil's new share: Abheer's new share: Sunil's share:
Step 4: Form the new profit sharing ratio.
Thus the new shares are: Multiplying by 7 to remove denominators:
Step 5: Conclusion.
Therefore, the new profit sharing ratio of Rushil, Abheer and Sunil is .
Final Answer:

Step 1: Understanding admission of a partner.
When a new partner is admitted into a partnership firm, the existing partners sacrifice a portion of their profit share to accommodate the new partner. Because of this sacrifice, the new partner usually brings a premium for goodwill as compensation to the existing partners.

Step 2: Meaning of sacrificing ratio.
The sacrificing ratio represents the ratio in which the old partners give up a part of their profit share in favour of the new partner. This ratio determines how the goodwill brought by the new partner should be distributed among the old partners.

Step 3: Distribution of goodwill premium.
The premium for goodwill brought by the new partner is credited to the capital accounts of the old partners in the ratio in which they sacrifice their share of profits. Therefore, the amount is not distributed in the new ratio or among the new partners.

Step 4: Conclusion.
Thus, the goodwill premium brought by Shiva will be distributed among the old partners in the sacrificing ratio.
Final Answer: Old partners in sacrificing ratio.

Step 1: Calculate profit distribution in the existing ratio.
Profit sharing ratio of Abhay : Boris : Chetan =
Total profit = Rs. 2,00,000
Abhay's share
Boris's share
Chetan's share

Step 2: Calculate deficiency in Boris's guaranteed profit.
Guaranteed profit to Boris = Rs. 95,000
Actual share received by Boris = Rs. 60,000

Step 3: Distribution of deficiency.
The deficiency is to be borne equally by Abhay and Chetan.
Step 4: Amount given by Abhay to Boris.
Abhay bears Rs. 17,500 and Chetan bears Rs. 17,500. Thus, the guaranteed amount given by Abhay to Boris is Rs. 17,500.
Final Answer: Rs. 17,500.

Step 1: Determine the old profit sharing ratio.
The old partners Atul, Beena and Sita share profits in the ratio: Total parts .
Step 2: Determine Damini's share.
Damini is admitted for share in profits. Thus, Damini receives parts out of .
Step 3: Share sacrificed by Atul.
Damini acquires her entire share from Atul. Therefore, Atul sacrifices of profit. Original share of Atul New share of Atul:
Step 4: Determine new profit shares.
Atul
Beena
Sita
Damini Thus the new ratio becomes: Multiplying by equivalent simplification used in options form:
Step 5: Conclusion.
Hence, the new profit sharing ratio among Atul, Beena, Sita and Damini is .
Final Answer: 7:7:5:1.

Step 1: Determine the total liability to creditors.
Total amount payable to creditors = Rs. 60,000.
Step 2: Value of asset taken by creditors.
Creditors accepted furniture at Rs. 45,000 in part settlement of their dues.
Step 3: Calculate the remaining balance.

Step 4: Payment through cheque.
The remaining balance of Rs. 15,000 was paid to creditors through cheque.
Final Answer: Rs. 15,000.

Step 1: Understanding the Assertion.
In a partnership firm, each partner acts both as a principal and as an agent. A partner is a principal because he shares the profits and losses of the business and has ownership in the firm. At the same time, he acts as an agent because his actions in the course of business can legally bind the firm and other partners.

Step 2: Understanding the Reason.
According to the Indian Partnership Act, 1932, partnership is defined as a relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all. This definition clearly indicates the principle of mutual agency.

Step 3: Link between Assertion and Reason.
The concept that the business may be carried on by all partners or by any one partner acting on behalf of others explains why every partner is both a principal and an agent. The doctrine of mutual agency forms the foundation of partnership relationships.

Step 4: Conclusion.
Thus, both the Assertion and Reason are correct, and the Reason correctly explains the Assertion.
Final Answer: Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A).

Step 1: Determine total capital of existing partners.
Capital of Alex = Rs. 1,20,000
Capital of Benn = Rs. 80,000
Capital of Cole = Rs. 1,00,000

Step 2: Determine Dona's share in profits.
Dona is admitted for share in future profits. Therefore, the old partners together will share:
Step 3: Determine total capital of the new firm.
The capital of Rs. 3,00,000 corresponds to of the total capital.
Step 4: Calculate Dona's capital contribution.
Dona's share = of total capital.
Step 5: Conclusion.
Therefore, Dona must bring Rs. 75,000 as capital to maintain the proportion of the profit-sharing ratio.
Final Answer: Rs. 75,000.