DK Goel Solutions Q 29 Chapter 2 Change in Profit Sharing Ratio Class 12 CBSE [2023-24]
Step-by-step solution of Question 29, Chapter 2 Change in Profit-Sharing Ratio Among the Existing Partners, DK Goel Class 12 Accountancy 2023-24 for the CBSE Board.
Question 29
Samiksha, Ash and Divya were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. With effect from 1st April, 2019, they agreed to share future profits and losses in the ratio of 2 : 5 : 3. Their Balance Sheet showed a debit balance of ₹ 50,000 in the Profit and Loss Account and a balance of ₹ 40,000 in the Investment Fluctuation Reserve. For this purpose, it was agreed that :
- (i) Goodwill of the firm be valued at ₹ 3,00,000.
- (ii) Investments of book value of ₹ 5,00,000 be valued at ₹ 4,80,000.
Pass the necessary journal entries to record the above transactions in the books 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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