[CBSE] DK Goel Q. 58 Change in Profit Sharing Ratio Solutions Class 12 (2024-25)
Solution of Question 58 of Change in Profit sharing ratio DK Goel Class 12 CBSE (2024-25)
L, M and N were partners in a firm sharing profits in the ratio of 2 : 3 : 5. From 1st April, 2018 they decided to share the profits in the ratio of 1 : 2 : 2. On this date, the Balance Sheet showed a credit balance of ₹ 1,17,000 in General Reserve and a debit balance of ₹ 35,000 in Profit and Loss account. The goodwill of the firm was valued at ₹ 5,00,000. The revaluation of assets and reassessment of liabilities resulted into a gain of ₹ 30,000.
Pass necessary journal entries for the above transactions on the reconstitution of the firm.
[Ans. Adjustment for Goodwill : Dr. M’s Capital A/c and Cr. N’s Capital A/c by ₹ 50,000.]
Solution:-
Here are the solutions of Change in Profit Sharing ratio chapter of DK Goel Class 12 CBSE (2024-25)
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| 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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| 11 | Question – 11 | |
| 12 | Question – 12 | |
| 13 | Question – 13 | |
| 14 | Question – 14 | |
| 15 | Question – 15 | |
| 16 | Question – 16 | |
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| 21 | Question – 21 | |
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| 25 | Question – 25 | |
| 26 | Question – 26 | |
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| 28 | Question – 28 | |
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| 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 |
