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Question 31 Chapter 3 of Class 12 Part – 1 VK Publication

Question 31 Chapter 3 of Class 12 Part - 1 VK Publication
Question 31 Chapter 3 of Class 12 Part - 1 VK Publication

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Question 31 Chapter 3 of Class 12 Part – 1

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31. Pari and Neha are partners in a firm sharing profits and losses equally. On 1st April, 2018, They decided to share future profits in the ratio of 2:1. On the day of the implementation of the decision, the Profit and Loss Account showed a debit balance of Rs. 30,000 and a General Reserve ot Rs. 18,000. Record the necessary journal entries for the distribution of the balance in the Profit and Loss Account and General Reserve for the change in the profit-sharing ratio.

The solution of Question 31 Chapter 3 of Class 12 Part – 1: –

Journal Entry

Date

Particulars

 

L . FDr. ₹Cr. ₹
2018Pari’s Capital A/cDr. 15,000 
April 1Neha’s Capital A/cDr. 15,000 
 To Profit and Loss A/c   30,000
 ( Being undistributed loss transferred to existing partners’ capital account in their old Ratio , i e., 1:1)    
 General Reserve A/cDr. 18,000 
 To Pari’s Capital A/c   9,000
 To Neha’s Capital A/c   9,000
 ( Being general reserve transferred to existing partners’ capital account in their old Ratio , i e., 1:1)    

 

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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

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Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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