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Question 08 Chapter 4 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 08 Chapter 4 of +2- Part-
Q-8 - CH-4 - Usha +2 Book 2018 - Solution

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Question 08 Chapter 4 of +2-Part-1

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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.

The solution of Question 08 Chapter 4 of +2 Part-1: – 

Distribution of profit and general reserve on reconstitution of partnership
Particulars
PQ
   
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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Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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