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Question 73 Chapter 2 of Class 12 Part - 1
73. The firm of Tuli, Puri and Suri, who have been sharing profits in the ratio of 2:2:1, have existed for some years. Suri wants that he should get equal share in the profits with Tuli and Puri and he further wishes that the change in the profit-sharing ratio should come into effect retrospectively for the first three years. Tuli and Puri have agreement on this account.
The profits for the last three years were:
| 2014-15 | Rs. 66,000 |
| 2015-16 | Rs. 72,000 |
| 2016-17 | Rs. 87,000 |
Show adjustment of profits by means of a single adjustment journal entry.
Total Profit for last three years = Rs. 2,25,000
Statement showing Adjustment Table
| Particulars |
Tuli rs. |
Puri Rs. |
Suri Rs. |
Total Rs. |
|---|---|---|---|---|
| (i) Amount which should have been credited as profit in equal ratio | 75,000 | 75,000 | 75,000 | 2,25,000 |
| (i) Amount which should was actually credited as profit in 2:2:1 ratio | 90,000 | 90,000 | 45,000 | 2,25,00 |
| Difference between (i) and (ii) | (Dr.) 15,000 | (Dr.) 15,000 | (Cr.) 30,000 | |
| Net Effect | ( Excess) | ( Excess) | (Shortage) | NIL |
Adjustment Journal Entry
| Date | Particular | L . F |
Dr. ₹ | Cr. ₹ | |
|---|---|---|---|---|---|
| TULI’s Capital A/c | Dr. | 15,000 | |||
| PURI’s Capital A/c | Dr. | 15,000 | |||
| To SURI’s Capital A/c | 30,000 | ||||
| (Being adjustment entry made ) |
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Also, Check out the solved question of all Chapters: -
Chapter No. 1 - Accounting Not for Profit Organisations
Chapter No. 2 - Partnership Accounts - I (Introduction)
Chapter No. 3 - Partnership Accounts - II (Goodwill: Nature and Valuation)
Chapter No. 4 - Partnership Accounts - III (Reconstitution of Partnership)
Chapter No. 5 - Partnership Accounts - IV (Admission of A Partner)
Chapter No. 6 - Partnership Accounts - V (Retirement and Death of A Partner)
Chapter No. 7 - Partnership Accounts - VI (Dissolution of Partnership Firm)
Chapter No. 8 - Company Accounts (Share Capital)
Chapter No. 9 - Company Accounts (Issue of Debentures)
Chapter No. 10 - Company Accounts (Redemption of Debentures)
Chapter No. 1 - Financial Statements of a Company
Chapter No. 2 - Financial Statement Analysis
Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
Chapter No. 4 - Ratio Analysis
Chapter No. 5 - Cash Flow Statement
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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