[CBSE] Q. 29 Change in profit sharing ratio Solution TS Grewal Class 12 (2023-24)

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Solution to Question number 29 of the Change in Profit sharing ratio chapter 4 of TS Grewal Book class 12 CBSE 2023-24 Edition?

Rajesh and Mahesh are partners in a firm sharing profit in the ratio of 3 : 2. Their Balance Sheet as at 31st March 2023 was as follows:

LiabilitiesAssets
Rajesh’s Capital A/c
Mahesh’s Capital A/c
Creditors
54,000
36,000
36,000
Cash
Machinery
Building
18,000
36,000
72,000
1,26,0001,26,000

Goodwill of the firm is valued at ₹ 36,000 and the building at ₹ 90,000 on 31st March, 2023. The partners decide to share profits equally with effect from 1st April, 2023.

Pass the necessary accounting entries without affecting the existing figure of building.

Solution:-

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