Question 73 Chapter 2 of Class 12 Part – 1
73. The firm of Tuli, Puri and Suri, who have been sharing profits in the ratio of 2:2:1, have existed for some years. Suri wants that he should get equal share in the profits with Tuli and Puri and he further wishes that the change in the profit-sharing ratio should come into effect retrospectively for the first three years. Tuli and Puri have agreement on this account.
The profits for the last three years were:
Show adjustment of profits by means of a single adjustment journal entry.
The solution of Question 73 Chapter 2 of Class 12 Part – 1: –
Total Profit for last three years = Rs. 2,25,000
Statement showing Adjustment Table
|(i) Amount which should have been credited as profit in equal ratio||75,000||75,000||75,000||2,25,000|
|(i) Amount which should was actually credited as profit in 2:2:1 ratio||90,000||90,000||45,000||2,25,00|
|Difference between (i) and (ii)||(Dr.) 15,000||(Dr.) 15,000||(Cr.) 30,000|
|Net Effect||( Excess)||( Excess)||(Shortage)||NIL|
Adjustment Journal Entry
|Date||Particular||L . F
||Dr. ₹||Cr. ₹|
|TULI’s Capital A/c||Dr.||15,000|
|PURI’s Capital A/c||Dr.||15,000|
|To SURI’s Capital A/c||30,000|
|(Being adjustment entry made )|
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Also, Check out the solved question of all Chapters: –
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution