[CBSE] Q. 24 Change in profit sharing ratio Solution TS Grewal Class 12 (2023-24)

Solution to Question number 24 of the Change in Profit sharing ratio chapter 4 of TS Grewal Book class 12 CBSE 2023-24 Edition?

Bhavya and Sakshi are partners in a firm, sharing profits and losses in the ratio of 3 : 2. On 31st March 2018, their Balance Sheet was as under:

Balance Sheet of Bhavya and Sakshi as at 31st March, 2018

Liabilities	₹	Assets	₹
Sundry Creditors General Reserve Investment Fluctuation Fund Bhavya’s Capital Sakshi’s Capital	13,800 23,400 20,000 50,000 40,000	Furniture Land and Building Investments Trade Receivables Cash in Hand	16,000 56,000 30,000 18,500 26,700
	1,47,200		1,47,200

The partners have decided to change their profit sharing ratio to 1 : 1 with immediate effect. For the purpose. they decided that:

(i) Investments to be valued at ₹ 20,000.

(ii) Goodwill of the firm be valued at ₹ 24,000.

(iii) General Reserve not be distributed between the partners.

You are required to pass necessary Journal entries in the books of the firm. Show workings.

Solution:-

Here is the list of all Solutions

S.N	Questions
1	Question – 1
2	Question – 2
3	Question – 3
4	Question – 4
5	Question – 5
6	Question – 6
7	Question – 7
8	Question – 8
9	Question – 9
10	Question – 10

S.N	Questions
11	Question – 11
12	Question – 12
13	Question – 13
14	Question – 14
15	Question – 15
16	Question – 16
17	Question – 17
18	Question – 18
19	Question – 19
20	Question – 20

S.N	Questions
21	Question – 21
22	Question – 22
23	Question – 23
24	Question – 24
25	Question – 25
26	Question – 26
27	Question – 27
28	Question – 28
29	Question – 29
30	Question – 30
31	Question – 31
32	Question – 32
33	Question – 33