[CBSE] Q. 27 Change in profit sharing ratio Solution TS Grewal Class 12 (2023-24)

Solution to Question number 27 of the Change in Profit sharing ratio chapter 4 of TS Grewal Book class 12 CBSE 2023-24 Edition?

A, B and C are sharing profits and losses in the ratio of 2 : 2 : 1. They decided to share profit w.e.f 1st April, 2023 in the ratio of 5 ; 3 : 2. They also decided not to change the values of assets and liabilities in the books of account. The book values and revised values of asset and liabilities as on the date of change were as follows:

Pass an adjustment entry.

[Ans.: Dr. A’s Capital A/c and Cr. B’s Capital A/c by ₹ 3,000.]

Solution:-

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