Question 17 Chapter 4 of Class 12 Part – 1 Usha Publication
17. (Comprehensive Illustration) X,Y and Z are sharing profits and losses in 5:3:2 ratio. They agreed to share profits and losses in the ratio of 2:3:5 with effect from 1st April 2019. They also decide to record the effect of the following accumulated profits, losses and reserves without effecting their book figures by passing a single entry.
| Book figures (in Rs.) | |
| General Reserve | 6,000 |
| Profit & Loss account | 24,000 |
| Advertisement Suspense account | 12,000 |
Pass the necessary single adjustment entry.
The solution of Question 17 Chapter 4 of Class 12 Part – 1 Usha Publication: –
| Journal | |||||
| Date | Particulars |
L.F. | Debit | Credit | |
| Z’s Capital A/c | Dr. | 5,400 | |||
| To X’s Capital A/c | 5,400 | ||||
| (Being profits adjusted on account of change in profit ratio) | |||||
Working Notes: –
Old Ratio = 5 : 3 : 2
New Ratio = 2 : 3 : 5
Calculate the Sacrificing or Gaining Ratio of Partners
Sacrificing or Gaining Ratio = Old ratio – New ratio
| X’s Share Sacrificing/Gaining | = | 5 | – | 2 |
| 10 | 10 |
| = | 5- 2 | |
| 10 |
| = | 3 | (Sacrifice) | |
| 10 |
| Y’s Share Sacrificing/Gaining | = | 3 | – | 3 |
| 10 | 10 |
| = | 3 – 3 | |
| 10 |
| = | 0 | (Nil) | |
| 10 |
| Z’s Share Sacrificing/Gaining | = | 2 | – | 5 |
| 10 | 10 |
| = | 2 – 5 | |
| 10 |
| = | -3 | (Gain) | |
| 10 |
| Calculation of total adjustment profit | ||
| Particulars |
Amount | |
| General Reserve | 6,000 | |
| Profit & Loss account (Profit) | 24,000 | |
| Advertisement Suspense account | (-)12,000 | |
| Total adjustment profit | 18,000 | |
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End of Solution
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Chapter-Wise Solution of Usha Publication Accountancy – Part 1 Class 12 – Session 2024-25 as per the PSEB curriculum
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 1 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 1 – Accounting Not-for-Profit Organisations (Deleted from the Syllabus)
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)
Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 1 Class 12 by Unimax Publication
- Chapter No. 1 – Accounts of Non-Profit Organisations (Deleted from the Syllabus)
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- 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)
Check out Part 2 of both books.
In Class 12th the accountancy has 2 books i.e. Part 1 and Part 2. The Books related to the Part 1 are shown above. but If you want to know more about Part 2, you can check it out from the following links. We have provided the links to both books i.e. Accountancy Part 2 by Usha Publication and Advanced Accountancy Part 2 by Unimax Publication.
1. Accountancy – Part 2 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 2 Class 12 by Unimax Publication