Question 1

Question 1 Chapter 4 -  Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 1 Chapter 4 -  Class 12 Part 1 Unimax

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 -Class 12 Part 1 Unimax:

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.

Question 2

Question 2 Chapter 4 -  Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 2 Chapter 4 -  Class 12 Part 1 Unimax

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 - Class 12 Part 1 Unimax:

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

Question 3

Question 3 Chapter 4 - Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 3 Chapter 4 -  Class 12 Part 1 Unimax

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 - Class 12 Part 1 Unimax:

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

Question 4

Question 4 Chapter 4 -  Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 4 Chapter 4 -  Class 12 Part 1 Unimax

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 -  Class 12 Part 1 Unimax:

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

Question 5

Question 5 Chapter 4 -  Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 5 Chapter 4 -  Class 12 Part 1 Unimax

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 o

Question 6

Question 6 Chapter 4 -  Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 6 Chapter 4 -  Class 12 Part 1 Unimax

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 - Cla

Question 7

Question 7 Chapter 4 -  Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 7 Chapter 4 -  Class 12 Part 1 Unimax

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 -  Class 12 Part 1 Unimax:

Old Share
New Share
Difference

X

Question 8

Question 8 Chapter 4 -  Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 8 Chapter 4 -  Class 12 Part 1 Unimax

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

Question 9

Question 9 Chapter 4 -  Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 9 Chapter 4 -  Class 12 Part 1 Unimax

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.

Question 10

Question 10 Chapter 4 -  Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 10 Chapter 4 -  Class 12 Part 1 Unimax

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 AmountAssetsAmountCreditors 30,000Land85,000Bills Payable 20,000Building50,000Outstanding Expenses 25,000Plant100000General Reserve 50,000Stock40,000Capitals :  Debtors25,000X50,000 Cash5000Y60,000   Z70,000180000    3,05,

Question 11

Question 11 Chapter 4 -  Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 11 Chapter 4 -  Class 12 Part 1 Unimax

11. The following is the Balance Sheet of P, Q, R and S as at 31st December, 2020.

Liabilities AmountAssetsAmountCreditors 80,000Bills Receivable20,000Reserves 1,50,000Building6,50,000Profit & Loss A/c (Profits) 90,000Plant & Machinery500000Capitals :  Stock3,00,000P2,00,000 Debtors2,40,000Q3,00,000 Cash at Bank10,000R5,00,000   S4,00,00014,00,000    17,20,000

Question 12

Question 12 Chapter 4 -  Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 12 Chapter 4 -  Class 12 Part 1 Unimax

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 -  Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 13 Chapter 4 -  Class 12 Part 1 Unimax

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 - Class 12 Part 1

Question 14

Question 14 Chapter 4 -  Class 12 Part 1 Unimax

Sarbjit Singh · Accepted Answer

Question 14 Chapter 4 -  Class 12 Part 1 Unimax

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.

Unimax Accountancy Class 12 Part 1 - 2023 Solutions Chapter 4 - Partnership Accounts - III (Change in Profit Sharing Ratio among Existing Partners) - Unimax

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💡 Double Entry Accounting Principles

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Table of Contents

Question 1 Chapter 4 - Class 12 Part 1 Unimax

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

Question 2 Chapter 4 - Class 12 Part 1 Unimax

Question 3 Chapter 4 - Class 12 Part 1 Unimax

Question 4 Chapter 4 - Class 12 Part 1 Unimax

Question 5 Chapter 4 - Class 12 Part 1 Unimax

Question 6 Chapter 4 - Class 12 Part 1 Unimax

Question 7 Chapter 4 - Class 12 Part 1 Unimax

Question 8 Chapter 4 - Class 12 Part 1 Unimax

Question 9 Chapter 4 - Class 12 Part 1 Unimax

Question 10 Chapter 4 - Class 12 Part 1 Unimax

Question 11 Chapter 4 - Class 12 Part 1 Unimax

Question 12 Chapter 4 - Class 12 Part 1 Unimax

Question 13 Chapter 4 - Class 12 Part 1 Unimax

Question 14 Chapter 4 - Class 12 Part 1 Unimax

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