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

Question 08 Chapter 4 of +2- Part-

Question 08 Chapter 4 of +2-Part-1

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 or 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

 

Thanks, Please Like and share with your friends  

Comment if you have any questions.

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 - Question 08 Chapter 4 of +2 Part-1 - USHA Publication  12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

Leave a Reply