Question 11 Chapter 4 of +2-Part-1
11. (Profit and loss account/ General Reserve are given) A B and C are partners in 2:3:3 ratio. On 31st December they had Rs. 80,000 in Profit and Loss account and Rs.24,000 in general reserve. They decided to share profits in future in 2:2:1 ratio.
You are required to pass entry in the books without closing the existing accounts.
The solution of Question 11 Chapter 4 of +2 Part-1: –
| Distribution of profit and general reserve or reconstitution of partnership | |||
| Particulars |
A | B | C |
| Profit distributed in the old ratio (2:3:3) | (Cr.)20,000 | (Cr.)30,000 | (Cr.)30,000 |
| General Reserve distributed in the old ratio | (Cr.)6,000 | (Cr.)9,000 | (Cr.)9,000 |
| Total | (Cr.)26,000 | (Cr.)39,000 | (Cr.)39,000 |
| Recreating Profit and loss a/c and G.R. | |||
| Profit distributed in a new ratio (2:2:1) | (Cr.)32,000 | (Cr.)32,000 | (Cr.)16,000 |
| General Reserve distributed in new ratio | (Cr.) 9,600 | (Cr.) 9,600 | (Cr.) 4,800 |
| Total | (Cr.)41,600 | (Cr.)41,600 | (Cr.)20,800 |
| Adjustments required in capital accounts | (Cr.)15,600 | (Cr.)2,600 | (Cr.)18,200 |
| Journal | |||||
| Date | Particulars |
L.F. | Debit | Credit | |
| A’s Capital A/c | Dr. | 15,600 | |||
| B’s Capital A/c | Dr. | 2,600 | |||
| To C’s Capital A/c | 18,200 | ||||
| (Being P & L a/c and G.R. adjusted in capital a/cs on change in the ratio) | |||||
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Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
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Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)
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)
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- 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)
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1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication
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