Question 10 Chapter 4 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 010 Chapter 4 of +2- Part-

Question 10 Chapter 4 of +2-Part-1

10. (Distribution of Profit and loss account) Sita and Geeta share the profit in 3:2 ratio. On 1st April 2016, the P & L a/c (debit) showed Rs.50,000. They changed their profit sharing ratio to 2:1 but before this change, they distributed the balance in profit and loss a/c.
Pass journal entry.

The solution of Question 10 Chapter 4 of +2 Part-1: – 

Distribution of profit and general reserve or reconstitution of partnership
Particulars
Sita Geeta
     
Profit and loss a/c distributed in 3:2 ratio (Cr.)30,000 (Cr.)20,000
(Being profit & loss account adjusted on D’s admission)    

 

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

Chapter No. 1 – Accounting Not for Profit Organisations

Chapter No. 2 – Partnership Accounts – I

Chapter No. 3 – Partnership Accounts – II (Introduction)

Chapter No. 4 – Partnership Accounts – III (Goodwill: Nature and Valuation)

Chapter No. 5 – Partnership Accounts – IV (Reconstitution of Partnership)

Chapter No. 6 – Partnership Accounts – V (Admission of A Partner)

Chapter No. 7 – Partnership Accounts – VI (Retirement and Death of A Partner)

Chapter No. 8 – Company Accounts (Share Capital)

Chapter No. 9 – Company Accounts (Issue of Debentures)

Chapter No. 10 – Company Accounts (Redemption of Debentures)

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

Chapter No. 1 – Financial Statements of a Company (Balance Sheet Only)

Chapter No. 2 – Techniques of Financial Statement Analysis

Chapter No. 3 – Ratio Analysis 

Chapter No. 4 – Cash Flow Statement

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

2 Book 1 min - Question 10 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

This site uses Akismet to reduce spam. Learn how your comment data is processed.