[CBSE] Q. 31 Change in profit sharing ratio Solution TS Grewal Class 12 (2023-24)

Solution to Question number 31 of the Change in Profit sharing ratio chapter 4 of TS Grewal Book class 12 CBSE 2023-24 Edition?

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

Liabilities	₹	Assets	₹
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
	1,26,800		1,26,800

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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