# Question 57 Chapter 2 of +2-A – T.S. Grewal 12 Class Part – A Vol. 1

Question 57 Chapter 2 of +2-A

57. Reya, Mona and Nisha shared profits in the ratio of 3: 2: 1. The profits for the last three year were 1,40,000; 84,000 and 1,06,000 respectively. These profits were by mistake shared equally for all the give necessary Journal entry for the same.

The solution of Question 57 Chapter 2 of +2-A

:

 Date Particulars L.F. Debit Credit Nisha’s Capital A/c Dr 55,000 To Reya’s Capital A/c 55,000 (Being adjustment made for wrongly distributed profits)

Working Note: –

 Statement Showing Adjustment of Profit required Particulars Reya Mona Nisha Total Actual Distribution of Profit (3:2:1) 1,65,000 1,10,000 55,000 3,30,000 Wrong Distribution of Profit (1:1:1) 1,10,000 1,10,000 1,10,000 3,30,000 55,000 – 55,000 – Reya get less amount, so we have to credit his capital a/c with difference amount Nisha get extra so we have to debit his capital a/c with difference amount

Calculation of share of profit of Reya’s, Mona’s, & Nisha’s
Net Profit = 1,40,000 + 84,000 + 1,06,000 = 3,30,000
Actual Distribution of profit in the ratio of 3:2:1

 Profit share of Reya = 3,30,000 X 3/6 Profit share of Reya = 1,65,000/- Profit share of Mona = 3,30,000 X 2/6 Profit share of Mona = 1,10,000/- Profit share of Nisha = 3,30,000 X 1/6 Profit share of Nisha = 55,000/-

Wrong Distribution of profit in the ratio of 1:1:1

*5: -Calculation of share of profit of X’s & Y’s
Net Profit after interest & Salary = 2,11,250
Distribution of first Rs 1,75,000 in the Capital Ratio 2,00,000 : 1,50,000 i.e. 4 : 3

 Profit share of Reya = 3,30,000 X 1/3 Profit share of Reya = 1,10,000/- Profit share of Mona = 3,30,000 X 1/3 Profit share of Mona = 1,10,000/- Profit share of Nisha = 3,30,000 X 1/3 Profit share of Nisha = 1,10,000/-

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

### T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

• Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
• Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
• Chapter No. 3 – Goodwill: Nature and Valuation
• Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
• Chapter No. 5 – Admission of a Partner
• Chapter No. 6 – Retirement/Death of a Partner
• Chapter No. 7 – Dissolution of a Partnership Firm

### T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 1 – Financial Statements of a Company
• Chapter No. 2 – Financial Statement Analysis
• Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
• Chapter No. 4 – Accounting Ratios
• Chapter No. 5 – Cash Flow Statement