[CBSE] DK Goel Q. 35 Change in Profit Sharing Ratio Solutions Class 12 (2024-25)

Solution of Question 35 of Change in Profit sharing ratio DK Goel Class 12 CBSE (2024-25)

P, Q and R were partners sharing profits in the ratio of 1 : 3 : 2. Following was their Balance Sheet as at 31st March, 2022:

Liabilities	₹	Assets	₹
Sundry Creditors	2,80,000	Land and Building	5,00,000
Outstanding Expenses	15,000	Investments (Market Value ₹ 1,10,000)	1,25,000
Workmen Compensation Reserve	60,000	Stock	2,20,000
Investment Fluctuation Reserve	45,000	Sundry Debtors	3,20,000
Capital Accounts: P Q R	2,00,000 5,00,000 3,00,000	Bank Balance	1,60,000
		Advertisement Suspense	75,000
	14,00,000		14,00,000

On 1st April, 2022 they decided to share future profits in the ratio of 4 : 6 : 5. It was agreed that:

(I) Claim for Workmen’s Compensation has been estimated at ₹ 1,00,000.

(ii) A motorcycle valued at ₹ 30,000 was unrecorded and is now to be recorded in the books.

(iii) Outstanding expenses were not payable any more.

(iv) Value of stock be increased to ₹ 2,90,000.

(v) A provision for doubtful debts be created @ 5% on Sundry Debtors.

(vi) Goodwill is valued at ₹ 1,00,000.

(vii) The work for reconstitution was assigned to firm’s auditors. They were paid ₹ 20,000 for this work.

Pass journal entries and prepare Revaluation Account.

[Ans. Gain on Revaluation ₹ 39,000.]

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

S.N	Questions
21	Question – 21
22	Question – 22
23	Question – 23
24	Question – 24
25	Question – 25
26	Question – 26
27	Question – 27
28	Question – 28
29	Question – 29
30	Question – 30

S.N	Questions
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
45	Question – 45
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
59	Question – 59
60	Question – 60
61	Question – 61
62	Question – 62