[CBSE] Q. 26 Change in profit sharing ratio Solution TS Grewal Class 12 (2023-24)

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Solution to Question number 26 of the Change in Profit sharing ratio chapter 4 of TS Grewal Book class 12 CBSE 2023-24 Edition?

Hari, Kunal and Uma are partners in a firm sharing profits and losses in the ratio of 5 ; 3 : 2. From 1st April 2018 they decided to share future profits and losses in the ratio of 2 : 5 : 3. Their Balance sheet showed a balance of ₹ 75,000 in the Profit and Loss Account and a balance of ₹ 15,000 in investment Fluctuation Fund. For this purpose, it was agreed that:

i) Goodwill of the firm was valued at ₹ 3,00,000.

ii) That investment (having a book value of ₹ 50,000) was valued at ₹ 35,000.

iii) That stock having a book value of ₹ 50,000 be depreciated by 10%

Pass the necessary Journal entries for the above in the books of the firm.

Solution:-

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