[CBSE] DK Goel Q. 34 Change in Profit Sharing Ratio Solutions Class 12 (2024-25)
Solution of Question 34 of Change in Profit sharing ratio DK Goel Class 12 CBSE (2024-25)
A, B and C are partners in a firm sharing profits in the ratio of 3 : 2 : 1. Their Balance Sheet as at 31st March, 2022 is as under:
| Liabilities | ₹ | Assets | ₹ |
| Sundry Creditors | 2,00,000 | Premises | 3,00,000 |
| General Reserve | 1,20,000 | Machinery | 1,80,000 |
| Capitals: A B C | 3,00,000 1,50,000 1,00,000 | Stock | 1,20,000 |
| Debtors | 2,50,000 | ||
| Bank | 20,000 | ||
| Total | 8,70,000 | Total | 8,70,000 |
From 1st April, 2022, the partners agreed to share future profits in the ratio of 4 : 3 : 2 and make the following adjustments:
(I) Premises will be appreciated by 10% and stock by ₹ 10,000.
(ii) A provision for doubtful debts is to be made on debtors @ 4%.
(iii) Sundry Creditors be reduced by ₹ 15,000.
(iv) Machinery will be depreciated by 5%.
(v) Goodwill of the firm is valued at ₹ 48,000.
Prepare Revaluation Account, Partner’s Capital Accounts and Balance Sheet of the reconstituted firm.
[Ans. Profit on Revaluation ₹ 36,000; Balance of Capital Accounts : A ₹ 3,82,800, B ₹ 2,03,600 and C ₹ 1,19,600; Balance Sheet Total ₹ 8,91,000.]
Solution:-
Working Notes:-
