[CBSE] Q. 18 Change in profit sharing ratio Solution TS Grewal Class 12 (2023-24)

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Solution to Question number 18 of the Change in Profit sharing ratio chapter 4 of TS Grewal Book class 12 CBSE 2023-24 Edition?

Ashok, Bhim and Chetan who were sharing profits in the ratio of 5 : 3 : 2, decided to share profits in the ratio of 2 : 3 : 5 with effect from 1st April, 2023.

Workmen Compensation Reserve existed at ₹ 1,20,000 in the Balance Sheet as at 31st March, 2023 and Workmen Compensation Claim of ₹ 1,50,000 exists.

Pass Journal entries for the accounting treatment of Workmen Compensation Reserve.

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