[CBSE] Q. 23 Change in profit sharing ratio Solution TS Grewal Class 12 (2023-24)

Solution to Question number 23 of the Change in Profit sharing ratio chapter 4 of TS Grewal Book class 12 CBSE 2023-24 Edition?

X, Y, and Z are sharing profits and losses in the ratio of 5 : 3 : 2. They decide to share future profits and losses in the ratio of 2 : 3 : 5 with effect from 1st April, 2023. They also decide to record the effect of the following accumulated profits, losses and reserves without affecting their book values by passing a single entry.

Pass an Adjustment Entry

[Ans.: Dr. Z’s Capital A/c and Cr. X’s Capital A/c by ₹ 5,400.]

Solution:-

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