[CBSE] Q. 32 Change in profit sharing ratio Solution TS Grewal Class 12 (2023-24)
Solution to Question number 32 of the Change in Profit sharing ratio chapter 4 of TS Grewal Book class 12 CBSE 2023-24 Edition?
Ram, Mohan, Sohan and Hari were partners in a firm sharing profits in the ratio of 4 : 3 : 2 : 1. On 1st April, 2016, their Balance Sheet was as follows:
Balance Sheet of Ram, Mohan, Sohan and Hari as on 1st April, 2016
| Liabilities | ₹ | Assets | ₹ |
| Capital A/cs: Ram Mohan Sohan Hari Workmen Compensation Resreve | 4,00,000 4,50,000 2,50,000 2,00,000 1,20,000 | Fixed Assets Current Assets | 9,00,000 5,20,000 |
| 14,20,000 | 14,20,000 |
From the above date, the partners decided to share the future profits in the ratio of 1 : 2 : 3 : 4. For this purpose the goodwill of the firm was valued at ₹ 1,80,000. The partners also agreed for the following:
a) The claim for workmen’s compensation has been estimated at ₹ 1,50,000.
b) Adjust the capital of the partners according to the new profit-sharing ratio by opening partners’ current accounts.
Prepare the Revaluation Account, Partner’s Capital Accounts, and the Balance Sheet of the reconstituted 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 |
