[CBSE] Q. 32 Change in profit sharing ratio Solution TS Grewal Class 12 (2023-24)

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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

LiabilitiesAssets
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
14,20,00014,20,000

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:-

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