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

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

 Date Particulars L . F Dr. ₹ Cr. ₹ 2018 Z’s Capital Account Dr. 4,000 April 1 To X’s Capital Account 4,000 ( Being a proportionate share of Goodwill adjusted between partners)

Sacrificing Share= Old Share – New Share

 Particulars A B C Partners’ Old Ratio 4/9 3/9 2/9 Partners’ New Ratio 1/3 1/3 1/3 Difference 1/9 1/9 1/9 Net Effect Sacrifice NIL Gain

Thus Proportionate Share of Goodwill to be adjusted

 X = 36,000 X 1 9

= Rs. 4,000 (Cr.)

 Y = 36,000 X 1 9

= Rs. 4,000 (Cr.)

Comment if you have any questions.

Also, Check out the solved question of previous Chapters: –