[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:-

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

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3	Question – 3
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