[CBSE] Q. 24 Change in profit sharing ratio Solution TS Grewal Class 12 (2023-24)
Solution to Question number 24 of the Change in Profit sharing ratio chapter 4 of TS Grewal Book class 12 CBSE 2023-24 Edition?
Bhavya and Sakshi are partners in a firm, sharing profits and losses in the ratio of 3 : 2. On 31st March 2018, their Balance Sheet was as under:
Balance Sheet of Bhavya and Sakshi as at 31st March, 2018
| Liabilities | ₹ | Assets | ₹ |
| Sundry Creditors General Reserve Investment Fluctuation Fund Bhavya’s Capital Sakshi’s Capital | 13,800 23,400 20,000 50,000 40,000 | Furniture Land and Building Investments Trade Receivables Cash in Hand | 16,000 56,000 30,000 18,500 26,700 |
| 1,47,200 | 1,47,200 |
The partners have decided to change their profit sharing ratio to 1 : 1 with immediate effect. For the purpose. they decided that:
(i) Investments to be valued at ₹ 20,000.
(ii) Goodwill of the firm be valued at ₹ 24,000.
(iii) General Reserve not be distributed between the partners.
You are required to pass necessary Journal entries in the books of the firm. Show workings.
Solution:-
Here is the list of all Solutions
| 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 |
