Question 1

Question 1 Chapter 4 - Unimax Class 12 Part 1 - 2021

Sarbjit Singh · Accepted Answer

Question 1 Chapter 4 - Unimax Class 12 Part 1
1. M and N are two partners sharing profits and losses equally. They agree to share future profits and losses in ratio of 4 : 3. Calculate individual partner’s gain or sacrifice due to change in profit sharing ratio.
The solution of Question 1 Chapter 4 - Unimax Class 12 Part 1:

Old Share
New Share
Difference

M1/2
4/7
1/2-4/7=[-1/14]Gain

N1/2
3/7
1/2-3/7=1/14  Loss

M has gained 1/14th share and N has sacrificed 1/14th share.
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Question 2

Question 2 Chapter 4 - Unimax Class 12 Part 1 - 2021

Sarbjit Singh · Accepted Answer

Question 2 Chapter 4 - Unimax Class 12 Part 1
2. A, B and C are partners sharing profits and losses in ratio of 5 : 3 : 2. Calculate new profit sharing ratio, if C acquires 1/10th share from B.
The solution of Question 2 Chapter 4 - Unimax Class 12 Part 1:
Old ratio of A, B and C is 5 : 3 : 2.If C acquires 1/10th share from B, New ratio will be as follows.

A’s Share :
5/10 No Change

B’s Share :
3/10-1/10=2/10

C’s Share :
2/10+1/10=3/10

So, New Profit Sharing ratio of A, B & C is 5

Question 3

Question 3 Chapter 4 - Unimax Class 12 Part 1 - 2021

Sarbjit Singh · Accepted Answer

Question 3 Chapter 4 - Unimax Class 12 Part 1
3. P, Q and R were partners sharing profits and losses in ratio of 4 : 3 : 1. The partners agree to share future profits in ratio of 5 : 4 : 3. Calculate each partner’s sacrifice or gain due to change in ratio.
The solution of Question 3 Chapter 4 - Unimax Class 12 Part 1:

Old Share
New Share
Difference

P            4/8
5/12
4/8_ 5/12= 2/24 Loss

Q           3/8
4/12
3/8_4/12=1/24  Loss

R           1/8
3/12
1/8_3/12=-3/24 Gain

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Question 4

Question 4 Chapter 4 - Unimax Class 12 Part 1 - 2021

Sarbjit Singh · Accepted Answer

Question 4 Chapter 4 - Unimax Class 12 Part 1
4. X, Y and Z are partners sharing profits and losses in ratio of 5 : 3 : 2. Calculate the new profit sharing ratio if X, Y and Z decide that the future profit sharing ratio between Y and Z shall be the same as existing between X and Y.
The solution of Question 4 Chapter 4 - Unimax Class 12 Part 1:
Old Profit Sharing ratio of X, Y & Z is 5 : 3 : 2Required ratio between Y & Z in future, same as old shares of X & Y i.e. 5 : 35/3=3/Z  Or Z=

Question 5

Question 5 Chapter 4 - Unimax Class 12 Part 1 - 2021

Sarbjit Singh · Accepted Answer

Question 5 Chapter 4 - Unimax Class 12 Part 1
5. X, Y and Z are partners of firm sharing profits and losses in ratio of 3 : 2 : 1. They decided to share profits equally with effect from 1st April, 2021. For this purpose goodwill of the firm has been valuled at Rs. 240000. Calculate the amount of gain or sacrifice of each partner and pass journal entry for treatment of goodwill.(a) When Goodwill is adjusted through Partner’s Capital Accounts.(b) When Goodwill Accounts is raised and written off.

Question 6

Question 6 Chapter 4 - Unimax Class 12 Part 1 - 2021

Sarbjit Singh · Accepted Answer

Question 6 Chapter 4 - Unimax Class 12 Part 1
6. Gold, Silver and Copper are partners in a firm sharing profits equally. They have decided to share profit in future in the ratio of 2 : 3 : 5. For this purpose the goodwill of the firm is valued at Rs. 150000. Record the necessary Journal entry to give effect to the new arrangement.(a) When Goodwill is adjusted through Partner’s Capital Accounts.(b) When Goodwill Account is raised and written off.
The solution of Question 6 Chapter 4 - Unimax Cla

Question 7

Question 7 Chapter 4 - Unimax Class 12 Part 1 - 2021

Sarbjit Singh · Accepted Answer

Question 7 Chapter 4 - Unimax Class 12 Part 1
7. X, Y and Z are partners in a firm sharing profits in 1 : 2 : 3. Their Balance Sheet as at 31.3.21, showed a Balance of Rs. 120000 in general Reserve. From 1.4.21 they will share profits equally. Pass the necessary Journal entry to give effect to the above arrangement when X, Y and Z decide not to close the general reserve account.
The solution of Question 7 Chapter 4 - Unimax Class 12 Part 1:

Old Share
New Share
Difference

X            1/6
1

Question 8

Question 8 Chapter 4 - Unimax Class 12 Part 1 - 2021

Sarbjit Singh · Accepted Answer

Question 8 Chapter 4 - Unimax Class 12 Part 1
8. A and B are partners sharing Profits and losses in ratio of 3 : 2. Their Balance Sheet is showing a balance of Rs. 50000 in General Reserve Account and Rs. 40000 (Cr.) in Profit and Loss Account. They now decide to share future profits equally. Instead of closing the General Reserve Account and Profit and Loss Account, it is decided to record an adjustment entry for the same. You are required to record the necessary adjustments entry to give effe

Question 9

Question 9 Chapter 4 - Unimax Class 12 Part 1 - 2021

Sarbjit Singh · Accepted Answer

Question 9 Chapter 4 - Unimax Class 12 Part 1
9. A, B and C are three partners sharing Profits and Losses in ratio of 5 : 3 : 2. They decide to share future profits and losses in the ratio of 2 : 3 : 5 with effect from 1st April, 2021. They also decide to record the effect of the following accumulated profits, losses and reserves without affecting their book figures by passing a single adjusting entry.General Reserve Rs. 24000Profit and Loss A/c Rs. 6000 (Cr.)Advertisement suspense A/c Rs. 1200

Question 10

Question 10 Chapter 4 - Unimax Class 12 Part 1 - 2021

Sarbjit Singh · Accepted Answer

Question 10 Chapter 4 - Unimax Class 12 Part 1
10. X, Y and Z were partner in a firm sharing profits in ratio of 2 : 2 : 1. Their Balance Sheet as at 31st March, 2021 was as follows.

Liabilities
 
Amount
Assets
Amount

Creditors
 
30,000
Land
85,000

Bills Payable
 
20,000
Building
50,000

Outstanding Expenses
 
25,000
Plant
100000

General Reserve
 
50,000
Stock
40,000

Capitals :
 
 
Debtors
25,000

X
50,000
 
Cash
5000

Y
60,000

Z
70,000
180000

3,05,000
 
3,05,000

Question 11

Question 11 Chapter 4 - Unimax Class 12 Part 1 - 2021

Sarbjit Singh · Accepted Answer

Question 11 Chapter 4 - Unimax Class 12 Part 1
11. The following is the Balance Sheet of P, Q, R and S as at 31st December, 2020.

Liabilities
 
Amount
Assets
Amount

Creditors
 
80,000
Bills Receivable
20,000

Reserves
 
1,50,000
Building
6,50,000

Profit & Loss A/c (Profits)
 
90,000
Plant & Machinery
500000

Capitals :
 
 
Stock
3,00,000

P
2,00,000
 
Debtors
2,40,000

Q
3,00,000
 
Cash at Bank
10,000

R
5,00,000

S
4,00,000
14,00,000

17,20,000
 
17,20,000

Question 12

Question 12 Chapter 4 - Unimax Class 12 Part 1 - 2021

Sarbjit Singh · Accepted Answer

Question 12 Chapter 4 - Unimax Class 12 Part 1
12. P and Q share the profits of a business in the ratio of 5 : 3. They agreed to change their profit sharing ratio to 3 : 5. On the date of change the Balance Sheet of the firm was as follows :

Liabilities
Amount
Assets
Amount

Creditors
1,000
Machinery
26,000

Employees’ Provident Fund
1,000
Furniture
18,000

Bank Loan
12,000
Stock
10,000

Workmen Compensation Fund
2,000
Debtors
8,000

Contingency Reserve
2,800
Bank
6,000

P’s Capital
30

Question 13

Question 13 Chapter 4 - Unimax Class 12 Part 1 - 2021

Sarbjit Singh · Accepted Answer

Question 13 Chapter 4 - Unimax Class 12 Part 1
13. E, F and G are partners sharing Profits in 7 : 6 : 5. Their fixed Capitals are Rs. 70000, Rs. 40000 and Rs. 80000 respectively. It has been now decided that the total Capital of the firm should be Rs. 360000 and should be in the Profit Sharing Ratio of partners. Calculate the amount of Capital to be contributed by individual partners and record necessary journal entry for the same.
The solution of Question 13 Chapter 4 - Unimax Class 12 Part 1

Question 14

Question 14 Chapter 4 - Unimax Class 12 Part 1 - 2021

Sarbjit Singh · Accepted Answer

Question 14 Chapter 4 - Unimax Class 12 Part 1
14. Aditi and Charvi are partner sharing Profits and Losses in the ratio of 3 : 1. The Capitals are Aditi Rs. 60000 and Charvi Rs. 20000. It has been decided that with effect from 1st January, 2021 Profit sharing ratio will be 5 : 3. The deed stated that goodwill is to be valued at 2 years purchase of average Profits of 3 years and Capitals of the two partners should be in their profit sharing ratio. The Profit for 20185, 2019 and 2020 were Rs. 220

Unimax Class 12 Part 1 - 2021 Solutions Chapter No. 4 - Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners) - Unimax

Quick Chapter Summary & Cheat Sheet

💡 Double Entry Accounting Principles

Topics & Questions Solved:

Table of Contents

Question 1 Chapter 4 - Unimax Class 12 Part 1 - 2021

The solution of Question 1 Chapter 4 - Unimax Class 12 Part 1:

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

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

Question 2 Chapter 4 - Unimax Class 12 Part 1 - 2021

Question 3 Chapter 4 - Unimax Class 12 Part 1 - 2021

Question 4 Chapter 4 - Unimax Class 12 Part 1 - 2021

Question 5 Chapter 4 - Unimax Class 12 Part 1 - 2021

Question 6 Chapter 4 - Unimax Class 12 Part 1 - 2021

Question 7 Chapter 4 - Unimax Class 12 Part 1 - 2021

Question 8 Chapter 4 - Unimax Class 12 Part 1 - 2021

Question 9 Chapter 4 - Unimax Class 12 Part 1 - 2021

Question 10 Chapter 4 - Unimax Class 12 Part 1 - 2021

Question 11 Chapter 4 - Unimax Class 12 Part 1 - 2021

Question 12 Chapter 4 - Unimax Class 12 Part 1 - 2021

Question 13 Chapter 4 - Unimax Class 12 Part 1 - 2021

Question 14 Chapter 4 - Unimax Class 12 Part 1 - 2021

Sarbjit SinghB.Com and M.Com

Old Share	New Share	Difference
M1/2	4/7	1/2-4/7=[-1/14]Gain
N1/2	3/7	1/2-3/7=1/14 Loss