[CBSE] DK Goel Q. 36 Change in Profit Sharing Ratio Solutions Class 12 (2024-25)

Solution of Question 36 of Change in Profit sharing ratio DK Goel Class 12 CBSE (2024-25)

A, B and C are partners sharing profits and losses in the ratio of 2 : 2 : 1. From 1st April, 2023 they decided to share future profits and losses equally.

Following balances appeared in their books:

Profit and Loss a/c (Cr.)	20,000
Advertisement Suspense A/c (Dr.)	15,000
Workmen Compensation Reserve	60,000

It was agreed that:

(i) Goodwill should be valued at two year’s purchase of super profits. Firm’s average profits are ₹ 75,000. Capital invested in the business is ₹ 6,00,000 and normal rate of return is 10%.

(ii) Furniture (book value of ₹ 50,000) be reduced to ₹ 30,000.

(iii) Computers (book value of ₹ 40,000) be reduced by ₹ 10,000.

(iv) Claim on account of Workmen’s Compensation amounted to ₹ 50,000.

(v) Investments (book value of ₹ 30,000) were revalued at ₹ 25,000.

Pass necessary journal entries for the above.

[Ans. Adjustment for Goodwill : Dr. C by ₹ 4,000 and Cr. A and B by ₹ 2,000 each; Revaluation Loss ₹ 35,000.]

Solution:-

Working Notes:-

Here are the solutions of Change in Profit Sharing ratio chapter of DK Goel Class 12 CBSE (2024-25)

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

S.N	Questions
31	Question – 31
32	Question – 32
33	Question – 33
34	Question – 34
35	Question – 35
36	Question – 36
37	Question – 37
38	Question – 38
39	Question – 39
40	Question – 40

S.N	Questions
41	Question – 41
42	Question – 42
43	Question – 43
44	Question – 44
45	Question – 45
46	Question – 46
47	Question – 47
48	Question – 48
49	Question – 49
50	Question – 50

S.N	Questions
51	Question – 51
52	Question – 52
53	Question – 53
54	Question – 54
55	Question – 55
56	Question – 56
57	Question – 57
58	Question – 58
59	Question – 59
60	Question – 60
61	Question – 61
62	Question – 62