[CBSE] Q. 22 Change in profit sharing ratio Solution TS Grewal Class 12 (2023-24)

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Solution to Question number 22 of the Change in Profit sharing ratio chapter 4 of TS Grewal Book class 12 CBSE 2023-24 Edition?

Mita, Gopal and Farhan were partners sharing profits and losses in the ratio 3 : 2 : 1. On 31st March, 2018 they decided to change the profit sharing ratio to 5 : 3 : 2. On this date, the Balance Sheet showed Deferred Advertisement Expenditure ₹ 30,000 and Contingency Reserve ₹ 9,000.

Goodwill was valued at ₹ 4,80,000.

Pass the necessary Journal entries for the above transactions in the books of the firm on its reconstitution.

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