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

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


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:

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


Statement showing Adjustment Table


Tuli rs.

Puri Rs.

 Suri Rs. 

Total Rs.
(i) Amount which should have been credited as profit in equal ratio75,00075,00075,0002,25,000
(i) Amount which should was actually credited as profit in 2:2:1 ratio90,00090,00045,0002,25,00
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/cDr. 15,000 
 PURI’s Capital A/cDr. 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

Chapter No. 1 – Accounting Not for Profit Organisations

Chapter No. 2 – Partnership Accounts – I (Introduction)

Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)

Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)

Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)


Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)

Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)

Chapter No. 8 – Company Accounts (Share Capital)

Chapter No. 9 – Company Accounts (Issue of Debentures)

Chapter No. 10 – Company Accounts (Redemption of Debentures)

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

Chapter No. 1 – Financial Statements of a Company


Chapter No. 2 – Financial Statement Analysis

Chapter No. 3 –  Tools of Financial Statement Analysis- Comparative and Common Size

Chapter No. 4 – Ratio Analysis

Chapter No. 5 – Cash Flow Statement

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

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




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