DK Goel Solutions Q 23 Chapter 2 Change in Profit Sharing Ratio Class 12 CBSE [2023-24]
Step-by-step solution of Question 23, Chapter 2 Change in Profit-Sharing Ratio Among the Existing Partners, DK Goel Class 12 Accountancy 2023-24 for the CBSE Board.
Question 23
A, B and C were partners sharing profits and losses in the ratio of 7 : 3 : 2. From 1st April 2021, they decided to share profits and losses in the ratio of 8 : 4 : 3. Goodwill is to be valued at the average of three year’s profits preceding the date of change in profit sharing ratio. The profits for the years ending 31st March 2018, 2019, 2020 and 2021 were ₹ 52,000, ₹ 48,000, ₹ 60,000 and ₹ 90,000 respectively. Give the necessary journal entries when goodwill is raised and written off.
Solution
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About this solution
This is Chapter 2 Change in Profit Sharing Ratio of DK Goel For 2024 Examinations.
Written by Vijay Adarsh, teaching commerce since 2003 to Class 11, Class 12, B.Com, CA, CS and CMA students.
We have solved all the practical questions in this book and explained them Step by Step in detail with clear working notes.
Also, we have followed the proper format and workings which are required as per CBSE Guidelines. Just follow our presentation of solutions and score good marks in the Accountancy Board Exam.
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