[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:-

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

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22	Question – 22
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24	Question – 24
25	Question – 25
26	Question – 26
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29	Question – 29
30	Question – 30

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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
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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
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60	Question – 60
61	Question – 61
62	Question – 62