[CBSE] DK Goel Q. 59 Change in Profit Sharing Ratio Solutions Class 12 (2024-25)

Solution of Question 59 of Change in Profit sharing ratio DK Goel Class 12 CBSE (2024-25)

X, Y and Z are partners sharing profits and losses in the ratio of 5 : 3 : 2. Their position as at 31st March 2023 was as follows:

Liabilities	₹	Assets	₹
Sundry Creditors	44,000	Cash in Hand	8,000
Outstanding Expenses	10,000	Cash at Bank	22,000
Capitals: X Y Z	2,80,000 2,80,000 1,00,000	Debtors 56,000 Less PDD 6,000	50,000
		Stock	2,80,000
		Machinery	1,54,000
		Building	2,00,000
	7,14,000		7,14,000

It was decided that with effect from 1st April 2023, profit and loss sharing ratio will be 3 : 3 : 1. They agreed on the following terms:

(i) Goodwill of the firm be valued at two year’s purchase of the average super profits of last three years. Average profits of the last three years are ₹ 1,08,000, while the normal profits may be taken at ₹ 66,000.

(ii) Provision on debtors be reduced by ₹ 2,000.

(iii) Value of stock be increased by 10% and machinery be valued at ₹ 1,00,000.

(iv) An item of ₹ 3,000 included in sundry creditors is not likely to be claimed.

Partners do not want to record the altered values of assets and liabilities in the books. Pass an entry to give effect to the above and prepare the revised balance sheet.

[Ans. Loss on Revaluation ₹ 21,000; Value of Goodwill ₹ 84,000. Debit Y by ₹ 8,100 and Credit X and Z by ₹ 4,500 and ₹ 3,600 respectively. Total of Balance Sheet ₹ 7,14,000.]

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

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21	Question – 21
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24	Question – 24
25	Question – 25
26	Question – 26
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28	Question – 28
29	Question – 29
30	Question – 30

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31	Question – 31
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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