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Question 8 Chapter 4 of Class 12 Part – 1 Usha Publication
8. (Profit and loss account/ Reserve are closed) P and Q are partners in 2:1 ratio. They have decided to share the profit in 3:2 ratio. They have Rs.60,000 in profit and loss a/c and Rs.18,000 in General Reserve. They decided to distribute profits and reserve before changing their ratio.
Pass adjustment.
Distribution of profit and general reserve on reconstitution of partnership
| Particulars |
P | Q |
|---|---|---|
| Partners share out of Profit & Loss a/c in 2:1 ratio | (Cr.)40,000 | (Cr.)20,000 |
| Partners share out of General Reserve a/c in 2:1 ratio | (Cr.)12,000 | (Cr.)6,000 |
| Net Effect | (Cr.)52,000 | (Cr.)26,000 |
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Economics Educator
Mrs. Dilgeerjot Kaur holds a B.Com and M.Com degree and has over 9 years of teaching experience in microeconomics, macroeconomics, and business economics.
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