[CBSE] DK Goel Q. 33 Change in Profit Sharing Ratio Solutions Class 12 (2024-25)
Solution of Question 33 of Change in Profit sharing ratio DK Goel Class 12 CBSE (2024-25)
X, Y and Z are partners sharing profits and losses in the ratio of 7 : 5 : 4. Their balance sheet as at 31st March 2021 stood as follows:
| Liabilities | ₹ | Assets | ₹ |
| Capital Accounts: X Y Z | 2,00,000 1,50,000 1,20,000 | Sundry Assets | 6,00,000 |
| General Reserve | 75,000 | ||
| Profit & Loss A/c (profits) | 15,000 | ||
| Creditors | 40,000 | ||
| 6,00,000 | 6,00,000 |
Partners decided that with effect from 1st April 2021, they will share profits and losses in the ratio of 3 : 2 : 1. For this purpose goodwill of the firm was valued at ₹ 1,50,000. The partners do not want to distribute the general reserve and profits.
Pass a single Journal entry to record the change and prepare a revised balance sheet.
[Ans. Debit X by ₹ 15,000 and Y by ₹ 5,000; Credit Z by ₹ 20,000. Total of Balance Sheet ₹ 6,00,000.
Solution:-
Working Notes:-
