[CBSE] Q. 27 Change in profit sharing ratio Solution TS Grewal Class 12 (2024-25)

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Solution to Question number 27 of the Change in Profit sharing ratio chapter 4 of TS Grewal Book class 12 CBSE 2024-25 Edition.

Balance Sheet of X and Y, who share profits and losses as 5 : 3, as at 1st April, 2022 is:

LiabilitiesAssets
X’s Capital
Y’s Capital
General Reserve
Workmen Compensation Reserve
Employee’s Provident Fund
Sundry Creditors
52,000
54,000
4,800
10,000
1,000
5,000
Goodwill
Machinery
Furniture
Sundry Debtors
Stock
Bank
Advertisement Suspense A/c
8,000
38,000
15,000
33,000
7,000
25,000
800
1,26,8001,26,800

On the above date, they decided to change their profit sharing ratio to 3 : 5 and agreed upon the following:

a) Goodwill be valued on the basis of two year’s purchse of the average profit of the last three years. Profits for the years ended 31st March, are: 2020 – ₹ 7,500; 2021 – ₹ 4,000; 2022 – ₹ 6,500.

b) Machiney and stock be revalued at ₹ 45,000 and ₹ 8,000 respectively.

c) Claim on account of workmen compensation is ₹ 6,000.

Prepare Revaluation Account, Partner’s Capital Accounts and the Balance Sheet of the new firm.

Solution:-

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