[CBSE] DK Goel Q. 37 Change in Profit Sharing Ratio Solutions Class 12 (2024-25)

Solution of Question 37 of Change in Profit sharing ratio DK Goel Class 12 CBSE (2024-25)

Asha, Rina and Chahat were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their Balance Sheet as at 31st March, 2019 was as follows:

Balance Sheet of Asha, Rina and Chahat as at 31st March, 2019

Liabilities	₹	Assets	₹
Creditors	12,00,000	Plant and Machinery	14,80,000
General Reserve	2,00,000	Stock	2,20,000
Capitals: Asha Rina Chahat	3,00,000 2,00,000 1,00,000	Sundry Debtors 2,60,000 Less: Provision for Doubtful debts ₹ 20,000	2,40,000
		Bank	60,000
Total	20,00,000	Total	20,00,000

Asha, Rina and Chahat decided to share future profits equally with effect from 1st April, 2019. For this, it was agreed that:

(i) Goodwill of the firm be valued at ₹ 1,50,000.

(ii) Bad debts amounted to ₹ 40,000. A provision for doubtful debts was to be made @ 5% on debtors.

Pass the necessary journal entries to record the above transactions in the books of the firm.

[Ans. Loss on Revaluation ₹ 31,000; Adjustment for Goodwill : Dr. Chahat by ₹ 20,000 and Cr. Asha and Rina by ₹ 10,000 each.]

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