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Question 13 Chapter 4 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 13 Chapter 4 of +2- Part-
Q-13 - CH-4 - Usha +2 Book 2018 - Solution

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Question 13 Chapter 4 of +2-Part-1

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13. (Distribution of old Reserves) A and B share profits in 5:3 ratio. On 31st March, 2018 they had Rs.20,000 in general reserve and Rs.8,000 in (Dr.) Profit and loss a/c. The new ratio with effect from 1st April 2018 will be 3:2. It was decided by partners that before bringing new ratio into force the old ratio (Dr.) and general reserve should be distributed.
Journalise.

The solution of Question 13 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(Dr.)in 5:3 ratio(Dr.)5,000(Dr.)3,000
Partners share out of General Reserve a/c in 5:3 ratio(Cr.)12,500(Cr.)7,500
Adjustment(Cr.)7,500(Cr.)4,500

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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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