Question
11:
Nidhi, Vridhi and Kavya are partners sharing profits
and losses in the ratio of 2:2:1.From 1st April, 2025, they decide to change
the profit-sharing ratio. They pass the following adjustment entry for goodwill
in the books:
|
|
JOURNAL |
||||
|
Date |
Particulars
|
|
LF.
|
Dr.)
|
Cr.) |
|
2024 April 1 |
Nidhi's Current A/c (2,00,000 x
3/25) |
Dr. |
|
24,000 |
|
|
|
Kavya's Current A/c (2,00,000 ×
2/25) |
Dr. |
|
16,000 |
|
|
|
To Vridhi’s Current A/c (2,00,000
× 5/25) |
|
|
|
40,000 |
|
|
(Goodwill adjusted on change in
profit-sharing ratio) |
|
|
|
|
What will be the new profit-sharing ratio of
partners assuming capital of partners are fixed?
Answer:
Old Ratio=2:2:1
|
Nidhi |
= |
2/5 |
+ |
3/25 |
= |
10+3/25 |
= |
13/25 |
|
Vridhi |
= |
2/5 |
- |
5/25 |
= |
10
-5/25 |
= |
5/25 |
|
Kavya |
= |
1/5 |
+ |
2/25 |
= |
5+2/25 |
= |
7/25 |
New Profit-sharing
Ratio-13:5:7
Question 12:
Nitya and Anand are partners in a
firm sharing profits and losses in the ratio of 3 : 2. With effect from 1st
April, 2025, they decided to share future profits equally. On the date of
change in the profit-sharing ratio, the Profit and Loss Account showed a credit
balance of ₹ 1,50,000. Record the necessary
Journal entry for the distribution of the balance in the Profit and Loss
Account immediately before the change in the profit-sharing ratio.
Answer:
|
Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit (₹) |
Credit (₹) |
|
|
2024 |
|
|
|
|
|
|
|
To Nitya’s Capital A/c |
|
|
|
90,000 |
|
|
To Anand’s Capital A/c |
|
|
|
60,000 |
|
|
(Being Adjustment of balance in
P&L A/c in old ratio) |
|
|
|
|
Working
Notes:
WN1Calculation
of Share of Profit and Loss A/c
Nisha's share=1,50,000×3÷5=90,000
Anand's share=1,50,000×2÷5=60,000
Question 13:
Om and Shiv are partners in a firm sharing profits in the ratio of
4 : 1. They decided to share future profits in the ratio of 3 : 2 w.e.f. 1st
April, 2025. On that day, Profit and Loss Account showed a debit balance
of ₹
1,00,000. Pass Journal entry to give effect to the above.
Answer:
|
Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit (₹) |
Credit (₹) |
|
|
2024 |
|
|
|
|
|
|
April 1 |
Om’s Capital A/c |
Dr. |
|
80,000 |
|
|
|
Shiv’s Capital A/c |
Dr. |
|
20,000 |
|
|
|
To Profit &
Loss A/c |
|
|
|
1,00,000 |
|
|
(Being Profit & Loss
distributed) |
|
|
|
|
|
|
|
|
|
|
|
Question 14:
A, B and C who are presently sharing
profits and losses in the ratio of 5 : 3 : 2 decide to share future profits and
losses in the ratio of 2 : 3 : 5. Give the Journal entry to distribute 'Workmen
Compensation Reserve' of ₹ 1,20,000 at the time of change in
profit-sharing ratio, when:
(i) no information is given; (ii) there is no claim against it.
Answer:
(i) &
(ii)
|
Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit (₹) |
Credit (₹) |
|
|
|
|
|
|
|
|
|
|
Workmen Compensation Reserve A/c |
Dr. |
|
1,20,000 |
|
|
|
To
A’s Capital A/c |
|
|
|
60,000 |
|
|
To
B’s Capital A/c |
|
|
|
36,000 |
|
|
To
C’s Capital A/c |
|
|
|
24,000 |
|
|
(Being Workmen Compensation Reserve
distributed) |
|
|
|
|
Note:
In
the both the cases, Workmen Compensation Reserve should be distributed in old
ratio i.e., 5:3:2.
Question
15:
X, Y and
Z who are presently
sharing profits and losses in the ratio of 5 : 3 : 2 decide to share future
profits and losses in the ratio of 2 : 3 : 5. Give the journal entry to
distribute 'Workmen Compensation Reserve' of ₹ 1,20,000 at the time of change in
profit-sharing ratio, when there is a claim of ₹ 80,000 against it.
Answer:
|
Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit (₹) |
Credit (₹) |
|
|
|
Workmen Compensation Reserve A/c |
Dr. |
|
1,20,000 |
|
|
|
To X’s Capital A/c |
|
|
|
20,000 |
|
|
To Y’s Capital A/c |
|
|
|
12,000 |
|
|
To Z’s Capital A/c |
|
|
|
8,000 |
|
|
To Workmen Compensation Claim A/c |
|
|
|
80,000 |
|
|
(Being Adjustment of balance in
Workmen Compensation Reserve A/c in old ratio) |
|
|
|
|
Working
Notes:
WN1Calculation
of Share of Workmen Compensation Reserve
X's share=40,000×5/10=20,000
Y's share=40,000×3/10=12,000
Z's share=40,000×2/10=8,000
Ts Grewal Solution 2025-2026
Click below for more Questions
Class 12 / Volume – I
Chapter 3 – Change in Profit-Sharing Ratio Among the Existing Partner