Solution of Q 22 Change in Profit-Sharing Ratio TS Grewal 2023-24 [CBSE]
Step-by-step solution of Question 22, Chapter 3 Change in Profit-Sharing Ratio Among the Existing Partners, TS Grewal Class 12 Accountancy 2023-24 for the CBSE Board.
Question 22
Mita, Gopal and Farhan were partners sharing profits and losses in the ratio 3 : 2 : 1. On 31st March, 2018 they decided to change the profit-sharing ratio to 5 : 3 : 2. On this date, the Balance Sheet showed Deferred Advertisement Expenditure ₹ 30,000 and Contingency Reserve ₹ 9,000.
Goodwill was valued at ₹ 4,80,000. Pass the necessary Journal entries for the above transactions in the books of the firm on its reconstitution.
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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