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Question 12 Chapter 4 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 12 Chapter 4 of +2-A
Question No.12 Chapter No.4 - T.S. Grewal +2 Book 2019-Solution

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Question 12 Chapter 4 of +2-A

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12. A and B are partners in a firm sharing profits in the ratio of 4 : 1. They
decided to share future profits in the ratio of 3 : 2 w.e.f. 1st April, 2019. On that day, Profit and Loss Account showed a debit balance of 1,00,000. Pass Journal entry to give effect to the above.

The solution of Question 12 Chapter 4 of +2-A

Adjustment of profit for the year March 2019: –

Amount of Profit Debited to A’s Capital=1,00,000X4
5
 =80,000  

 

Amount of Profit Credited to B’s Capital=1,00,000X1
5
 =20,000  



In the Books of _______________
DateParticulars
L.F.DebitCredit
      
 A’s Capital A/cDr 80,000 
 B’s Capital A/cDr 20,000 
 To Profit and Loss A/c   1,00,000
 (Being balance of profit and loss account distributed among the partner in the old ratio.)   
      

 

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

  • Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
  • Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
  • Chapter No. 3 – Goodwill: Nature and Valuation
  • Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
  • Chapter No. 5 – Admission of a Partner
  • Chapter No. 6 – Retirement/Death of a Partner
  • Chapter No. 7 – Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

  • Chapter No. 1 – Financial Statements of a Company
  • Chapter No. 2 – Financial Statement Analysis 
  • Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
  • Chapter No. 4 – Accounting Ratios
  • Chapter No. 5 – Cash Flow Statement

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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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