[CBSE] Q. 12 Change in profit sharing ratio Solution TS Grewal Class 12 (2024-25)

Solution to Question number 12 of the Change in Profit sharing ratio chapter 4 of TS Grewal Book class 12 CBSE 2024-25 Edition.

Om and Shiv are partners in a firm sharing profits in the ratio of 4 : 1. They decided to share future profits in the ratio of 3 : 2 w.e.f 1st April, 2023. On that day, the Profit and Loss Account showed a debit balance of ₹ 1,00,000. Pass Journal entry to give effect to the above.

[Ans.: Dr. Om’s Capital A/c by ₹ 80,000 and Shiv’s Capital A/c by ₹ 20,000; Cr. Profit and Loss A/c by ₹ 1,00,000.]

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