DK Goel Solutions Q 27 Chapter 2 Change in Profit Sharing Ratio Class 12 CBSE [2023-24]
Step-by-step solution of Question 27, Chapter 2 Change in Profit-Sharing Ratio Among the Existing Partners, DK Goel Class 12 Accountancy 2023-24 for the CBSE Board.
Question 27
P, Q and R were partners in a firm sharing profits in the ratio of 1 : 1 : 2. On 31st March, 2018, their balance sheet showed a debit balance of ₹ 9,000 in the profit and loss account and a Workmen Compensation Reserve of ₹ 64,000. From 1st April, 2018 they decided to share profits in the ratio of 2 : 2 : 1. For this purpose it was agreed that :
- (a) Goodwill of the firm was valued at ₹ 4,00,000.
- (b) A claim on account of workmen compensation of ₹ 30,000 was admitted.
Pass necessary journal entries on reconstitution of the firm.
Solution
All questions of Chapter 2
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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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