[CBSE] DK Goel Q. 66 Change in Profit Sharing Ratio Solutions Class 12 (2026-27)

Solution of Question 66 of Change in Profit sharing ratio DK Goel Class 12 CBSE (2026-27)

Doremon, Shinchan and Nobita are partners sharing profits and losses in the ratio of 3 : 2 : 1. With effect from 1st April, 2022 they agree to share profits equally. For this purpose, goodwill is to be valued at two years’ purchase of the average profit of last four years which were as follows:

Year ending on 31st March, 2019 – ₹50,000 (Profit)

Year ending on 31st March, 2020 – 1,20,000 (Profit)

Year ending on 31st March, 2021 – ₹1,80,000 (Profit)

Year ending on 31st March, 2022 – ₹70,000 (Loss)

On 1st, April, 2021 a Motor Bike costing 50,000 was purchased and debited to travelling expenses account, on which depreciation is to be charged @20% p.a. by Straight Line Method. The firm also paid an annual insurance premium of 20,000 which had already been charged to Profit & Loss Account for all the years.

Journalise the transaction along with the working notes.

(C.B.S.E. Sample Question Paper 2023)

[Ans. Value of Goodwill ₹1,60,000; Debit Nobita’s Capital A/c by ₹26,667 and Credit Doremon’s Capital A/c by 26,667.]

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