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

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

Question number 31 of Chapter 4 change in profit sharing ratio is a practical one.

Question – 31

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

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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Anurag Pathak

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