Question 27 Chapter 3 of Class 12 Part – 1 VK Publication

Question 27 Chapter 3 of Class 12 Part – 1

27. X, Y and Z are partners sharing profits and losses in the ratio 4:3:2. Goodwill does not appear in the books but it is Worth Rs. 6,000. The partners decided to share future profits in equal proportions with effect from 1st April 2018. Give a journal entry to record the above change. Also indicate the individual partner’s gain or sacrifice due to change in the ratio. Show your working clearly.

The solution of Question 27 Chapter 3 of Class 12 Part – 1: –

Journal Entry

Sacrificing Share= Old Share – New Share

Thus Proportionate Share of Goodwill to be adjusted

= Rs. 4,000 (Cr.)

= Rs. 4,000 (Cr.)

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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 (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)
• 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
• Chapter No. 2 – Financial Statement Analysis
• Chapter No. 3 –  Tools of Financial Statement Analysis- Comparative and Common Size
• Chapter No. 4 – Ratio Analysis
• Chapter No. 5 – Cash Flow Statement

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