[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:-
Here is the list of all Solutions
| S.N | Questions |
| 1 | Question – 1 |
| 2 | Question – 2 |
| 3 | Question – 3 |
| 4 | Question – 4 |
| 5 | Question – 5 |
| 6 | Question – 6 |
| 7 | Question – 7 |
| 8 | Question – 8 |
| 9 | Question – 9 |
| 10 | Question – 10 |
| S.N | Questions |
| 11 | Question – 11 |
| 12 | Question – 12 |
| 13 | Question – 13 |
| 14 | Question – 14 |
| 15 | Question – 15 |
| 16 | Question – 16 |
| 17 | Question – 17 |
| 18 | Question – 18 |
| 19 | Question – 19 |
| 20 | Question – 20 |
