[CBSE] Q. 30 Change in profit sharing ratio Solution TS Grewal Class 12 (2023-24)

Are you looking for the solution to Question number 30 of the Change in Profit sharing ratio chapter 4 of TS Grewal Book class 12 CBSE 2023-24 Edition?

Question number 30 of Chapter 4 change in profit sharing ratio is a practical one.

Question – 30

A, B and C were partners in a firm sharing profits in the ratio of 3 : 2 : 1. Their Balance Sheet as on 31st March, 2015 was as follows:

From 1st April, 2015, A, B and C decided to share profits equally. For this it was agreed that:

i) Goodwill of the firm will be valued at ₹ 1,50,000.

ii) Land will be revalued at ₹ 80,000 and building be decpreciated by 6%

iii) Creditors of ₹ 6,000 were not likely to be claimed and hence should be written off.

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

Solution:-

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