[CBSE] DK Goel Q. 56 Change in Profit Sharing Ratio Solutions Class 12 (2024-25)
Solution of Question 56 of Change in Profit sharing ratio DK Goel Class 12 CBSE (2024-25)
A and B have been carrying on business in partnership with fixed capitals of ₹ 2,40,000 and ₹ 1,20,000 respectively and sharing profits in the same proportion. They decided that with effect from April 1, 2024 they would share profits and losses in the ratio of 3 : 2. For this purpose goodwill is to be valued at three year’s purchase of the average of preceding three year’s profits. The profits for the years ending 31st March were 2021 : ₹ 75,000; 2022 : ₹ 60,000, 2023 ₹ 80,000 and 2024 ₹ 1,30,000. Give the necessary journal entry.
[Ans. Value of Goodwill ₹ 2,70,000, Debit B’s Current A/c by ₹ 18,000 and Credit A’s Current A/c by ₹ 18,000.]
Solution:-
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 | |
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| 10 | Question – 10 |
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| 11 | Question – 11 | |
| 12 | Question – 12 | |
| 13 | Question – 13 | |
| 14 | Question – 14 | |
| 15 | Question – 15 | |
| 16 | Question – 16 | |
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| 18 | Question – 18 | |
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| 21 | Question – 21 | |
| 22 | Question – 22 | |
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| 24 | Question – 24 | |
| 25 | Question – 25 | |
| 26 | Question – 26 | |
| 27 | Question – 27 | |
| 28 | Question – 28 | |
| 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 |
