Solution of Q 9 Change in Profit-Sharing Ratio TS Grewal 2023-24 [CBSE]
Step-by-step solution of Question 9, Chapter 3 Change in Profit-Sharing Ratio Among the Existing Partners, TS Grewal Class 12 Accountancy 2023-24 for the CBSE Board.
Question 9
A and B are partners in a firm sharing profits in the ratio of 2 : 1. They decided that with effect from 1st April, 2022, they would share profits in the ratio of 3 : 2. But, this decision was taken after the profit for the year ended 31st March, 2023 of ₹ 90,000 was distributed in the old profit-sharing ratio.
Firm’s goodwill was valued on the basis of aggregate of two years’ profits preceding the date decision became effective.
Profits for the years ended 31st March, 2021 and 2022 were ₹ 60,000 and ₹ 75,000 respectively. Capital Accounts of the partners as at 31st March, 2023 stood at ₹ 1,50,000 for A and ₹ 90,000 for B.
Pass necessary Journal entries and prepare Partners’ Capital Accounts.
Solution
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About this solution
This is Chapter 3 Change in Profit Sharing Ratio of TS Grewal Edition 2023-24.
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 Accountancy Board Exam.
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