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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 VK Publication

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Question 27 Chapter 3 of Class 12 Part – 1

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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 . FDr. ₹Cr. ₹
2018Z’s Capital AccountDr. 4,000 
April 1To X’s Capital Account   4,000
 ( Being a proportionate share of Goodwill adjusted between partners)    

Sacrificing Share= Old Share – New Share

Particulars

A

BC
Partners’ Old Ratio4/93/92/9
Partners’ New Ratio1/31/31/3
Difference1/91/91/9
Net EffectSacrificeNILGain

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Thus Proportionate Share of Goodwill to be adjusted

X = 36,000X1
9

= Rs. 4,000 (Cr.)

Y = 36,000X1
9

= 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

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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