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

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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

LiabilitiesAssets
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
1,47,2001,47,200

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:-

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