Question 73 Chapter 2 of Class 12 Part - 1 VK Publication

Question 73 Chapter 2 of Class 12 Part – 1

Table of Contents

The solution of Question 73 Chapter 2 of Class 12 Part – 1: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

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:

2014-15	Rs. 66,000
2015-16	Rs. 72,000
2016-17	Rs. 87,000

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

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Statement showing Adjustment Table

Particulars	Tuli rs.	Puri Rs.	Suri Rs.	Total Rs.
(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 )