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TS Grewal solutions for Class 12 Accountancy - Double Entry Book Keeping Volume 1 chapter 4 - Change in Profit-Sharing Ratio Among the Existing Partners [Latest edition]

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Class 12 Accountancy - Double Entry Book Keeping Volume 1 - Shaalaa.com

Chapter 4: Change in Profit-Sharing Ratio Among the Existing Partners

Exercise

Exercise [Pages 0 - 45]

TS Grewal solutions for Class 12 Accountancy - Double Entry Book Keeping Volume 1 Chapter 4 Change in Profit-Sharing Ratio Among the Existing Partners Exercise [Pages 0 - 45]

Exercise | Q 1

A and B are sharing profits and losses equally. With effect from 1st April, 2019, they agree to share profits in the ratio of 4 : 3. Calculate individual partner's gain or sacrifice due to the change in ratio.

Exercise | Q 2 | Page 37

X, Y and Z are sharing profits and losses in the ratio of 5 : 3 : 2. With effect from 1st April, 2019, they decide to share profits and losses in the ratio of 5 : 2 : 3. Calculate each partner's gain or sacrifice due to the change in ratio.

Exercise | Q 3 | Page 37

X, Y and Z are sharing profits and losses in the ratio of 5 : 3 : 2. With effect from 1st April, 2019, they decide to share profits and losses equally. Calculate each partner's gain or sacrifice due to the change in ratio.

Exercise | Q 4 | Page 37

A, B and C are partners sharing profits and losses in the ratio of 5 : 4 : 1. Calculate new profit-sharing ratio, sacrificing ratio and gaining ratio in each of the following cases:
Case 1. C acquires 1/5th share from A.
Case 2. C acquires 1/5th share equally form A and B.
Case 3. A, B and C will share future profits and losses equally.
Case 4. C acquires 1/10th share of A and 1/2 share of B.

Exercise | Q 5 | Page 37

A, B and C shared profits and losses in the ratio of 3 : 2 : 1 respectively. With effect from 1st April, 2019, they agreed to share profits equally. The goodwill of the firm was valued at ₹ 18,000. Pass necessary Journal entries when: (a) Goodwill is adjusted through Partners' Capital Accounts; and (b) Goodwill is raised and written off.

Exercise | Q 6 | Page 38

X, Y and Z are partners sharing profits and losses in the ratio of 5 : 3 : 2. From 1st April, 2018, they decided to share profits and losses equally. The Partnership Deed provides that in the event of any change in the profit-sharing ratio, the goodwill should be valued at two years' purchase of the average profit of the preceding five years. The profits and losses of the preceding years ended 31st March, are:

 Year  2013-14 2014-15 2015-16  2016-17 2017-18
 Profits (₹)    70,000  85,000  45,000  35,000 10,000 (Loss)

You are required to calculate goodwill and pass journal entry.

Exercise | Q 7 | Page 38

Mandeep, Vinod and Abbas are partners sharing profits and losses in the ratio of 3 : 2 : 1. From 1st April, 2019 they decided to share profits equally. The Partnership Deed provides that in the event of any change in profit-sharing ratio, goodwill shall be valued at three years' purchase of average profit of last five years. The profits and losses of past five years are:
Profit − Year ended 31st March, 2015 − ₹ 1,00,000; 2016 − ₹ 1,50,000; 2018 − ₹ 2,00,000; 2019 − ₹ 2,00,000.
Loss − Year ended 31st March, 2017 − ₹ 50,000.
Pass the Journal entry showing the working.

Exercise | Q 8 | Page 38

X, Y and Z are partners sharing profits and losses in the ratio of 5 : 3 : 2, decided to share future profits and losses equally with effect from 1st April, 2019. On that date, the goodwill appeared in the books at ₹ 12,000. But it was revalued at ₹ 30,000. Pass Journal entries assuming that goodwill will not appear in the books of account.

Exercise | Q 9 | Page 38

A and B are partners in a firm sharing profits in the ratio of 2 : 1. They decided with effect from 1st April, 2018, that they would share profits in the ratio of 3 : 2. But, this decision was taken after the profit for the year ended 31st March, 2019 of ₹ 90,000 was distributed in the old ratio.
The profits for the year ended 31st March, 2017 and 2018 were ₹ 60,000 and ₹ 75,000 respectively. It was decided that Goodwill Account will not be opened in the books of the firm and necessary adjustment be made through Capital Accounts which on 31st March, 2019 stood at ₹ 1,50,000 for A and ₹ 90,000 for B.
Pass necessary Journal entries and prepare Capital Accounts. 

Exercise | Q 10 | Page 38

Jai and Raj are partners sharing profits in the ratio of 3 : 2. With effect from 1st April, 2019, they decided to share profits equally. Goodwill appeared in the books at ₹ 25,000. As on 1st April, 2019, it was valued at ₹ 1,00,000. They decided to carry goodwill in the books of the firm.
Pass the Journal entry giving effect to the above.

Exercise | Q 11 | Page 38

X and Y are partners in a firm sharing profits and losses in the ratio of 3 : 2. With effect from 1st April, 2019, they decided to share future profits equally. On the date of change in the profit-sharing ratio, the Profit and Loss Account showed a credit balance of ₹ 1,50,000. Record the necessary Journal entry for the distribution of the balance in the Profit and Loss Account immediately before the change in the profit-sharing ratio. 

Exercise | Q 12 | Page 39

A and B are partners in a firm sharing profits in the ratio of 4 : 1. They decided to share future profits in the ratio of 3 : 2 w.e.f. 1st April, 2019. On that day, Profit and Loss Account showed a debit balance of ₹ 1,00,000. Pass Journal entry to give effect to the above.

Exercise | Q 13 | Page 39

X, Y and Z are sharing profits and losses in the 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, 2019. They also decide to record the effect of the following accumulated profits, losses and reserves without affecting their book values by passing a single entry .

   Book Values (₹)
 General Reserve  6,000
 Profit and Loss A/c (Credit) 24,000
 Advertisement Suspense A/c 12,000

Pass an Adjustment Entry.

Exercise | Q 14 | Page 39

A, B and C who are presently sharing profits and losses in the ratio of 5 : 3 : 2 decide to share future profits and losses in the ratio of 2 : 3 : 5. Give the Journal entry to distribute 'Workmen Compensation Reserve' of ₹ 1,20,000 at the time of change in profit-sharing ratio, when:
(i) no information is given; (ii) there is no claim against it.

Exercise | Q 15 | Page 39

X, Y and Z who are presently sharing profits and losses in the ratio of 5 : 3 : 2 decide to share future profits and losses in the ratio of 2 : 3 : 5. Give the journal entry to distribute 'Workmen Compensation Reserve' of ₹ 1,20,000 at the time of change in profit-sharing ratio, when there is a claim of ₹ 80,000 against it.

Exercise | Q 16 | Page 39

X, Y and Z who are sharing profits in the ratio of 5 : 3 : 2, decide to share profits in the ratio of 2 : 3 : 5 with effect from 1st April, 2019. Workmen Compensation Reserve appears at ₹ 1,20,000 in the Balance Sheet as at 31st March, 2019 and Workmen Compensation Claim is estimated at ₹ 1,50,000. Pass Journal entries for the accounting treatment of Workmen Compensation Reserve. 

Exercise | Q 17 | Page 39

A, B and C who are presently sharing profits and losses in the ratio of 5 : 3 : 2 decide to share future profits and losses in the ratio of 2 : 3 : 5. Give the journal entry to distribute 'Investments Fluctuation Reserve' of ₹ 20,000 at the time of change in profit-sharing ratio, when investment (market value ₹ 95,000) appears in the books at ₹ 1,00,000.

Exercise | Q 18 | Page 39

Nitin, Tarun and Amar are partners sharing profits equally and decide to share profits in the ratio of 2 : 2 : 1 w.e.f. 1st April, 2019. The extract of their Balance Sheet as at 31st March, 2019 is as follows:

Liabilities ₹   Assets ₹ 
Investments Fluctuation Reserve 60,000 Investments (At Cost) 4,00,000

Pass the Journal entries in each of the following situations:
(i) When its Market Value is not given;
(ii) When its Market Value is ₹ 4,00,000;
(iii) When its Market Value is ₹ 4,24,000;
(iv) When its Market Value is ₹ 3,70,000;
(v) When its Market Value is ₹ 3,10,000.

Exercise | Q 19 | Page 40

X and Y are partners sharing profits in the ratio of 2 : 1. On 31st March, 2019, their Balance Sheet showed General Reserve of ₹ 60,000. It was decided that in future they will share profits and losses in the ratio of 3 : 2. Pass necessary Journal entry in each of the following alternative cases:
(i) When General Reserve is not to be shown in the new Balance Sheet.
(ii) When General Reserve is to be shown in the new Balance Sheet.

Exercise | Q 20 | Page 40

Bhavya and Sakshi are partners in a firm, sharing profits and losses in the ratio of 3 : 2. On 31st March, 2018 their Balance Sheet was as under:

BALANCE SHEET OF BHAVYA AND SAKSHI
as at 31st March, 2018
Liabilities Amount
(₹)
Assets Amount
(₹)
Sundry Creditors   13,800 Furniture 16,000
General Reserve   23,400 Land and Building 56,000
Investment Fluctuation Fund   20,000 Investments 30,000
Bhavya's Capital   50,000 Trade Receivables 18,500
Sakshi's Capital 40,000 Cash in Hand 26,700
  1,47,200     1,47,200 
       

The partners have decided to change their profit sharing ratio to 1 : 1 with immediate effect. For the purpose, they decided that:
(i) Investments to be valued at ₹ 20,000.
(ii) Goodwill of the firm be valued at ₹ 24,000.
(iii) General Reserve not to be distributed between the partners.
You are required to pass necessary Journal entries in the books of the firm. Show workings.

Exercise | Q 21 | Page 40

X, Y and Z share profits as 5 : 3 : 2. They decide to share their future profits as 4 : 3 : 3 with effect from 1st April, 2019. On this date the following revaluations have taken place:

   Book Values (₹) Revised Values (₹)
Investments  22,000 25,000
Plant and Machinery  25,000 20,000
Land and Building  40,000 50,000
Outstanding Expenses  5,600 6,000
Sundry Debtors  60,000 50,000
Trade Creditors  70,000 60,000

Pass necessary adjustment entry to be made because of the above changes in the values of assets and liabilities. However, old values will continue in the books . 

Exercise | Q 22 | Page 41

Ashish, Aakash and Amit are partners sharing profits and losses equally. The Balance Sheet as at 31st March, 2019 was as follows:

Liabilities

Amount
(₹)

Assets

Amount
(₹)

Sundry Creditors 75,000 Cash in Hand 24,000
General Reserve 90,000 Cash at Bank 1,40,000
Capital A/cs:   Sundry Debtors

80,000

  Ashish

3,00,000

  Stock 1,40,000
  Aakash 3,00,000   Land and Building 4,00,000
  Amit

2,75,000

8,75,000 Machinery 2,50,000
      Advertisement Suspense 6,000
    10,40,000   10,40,000


​The partners decided to share profits in the ratio of 2 : 2 : 1 w.e.f. 1st April, 2019. They also decided that:
(i) Value of stock to be reduced to ₹ 1,25,000.
(ii) Value of machinery to be decreased by 10%.
(iii) Land and Building to be appreciated by ₹ 62,000.
(iv) Provision for Doubtful Debts to be made @ 5% on Sundry Debtors.
(v) Aakash was to carry out reconstitution of the firm at a remuneration of ₹ 10,000. 
Pass necessary Journal entries to give effect to the above.

Exercise | Q 23 | Page 41

​A, B and C are partners sharing profits and losses in the ratio of 5 : 3 : 2. Their Balance Sheet as at 31st March, 2019 stood as follows:

Liabilities

Amount

(₹)

Assets

Amount

​(₹)

Capital A/cs:   Land and Building 3,50,000
 A 2,50,000   Machinery 2,40,000
 B 2,50,000   Computers 70,000
 C 2,00,000 7,00,000 Investments (Market value ₹ 90,000) 1,00,000
General Reserve   60,000 Sundry Debtors 50,000
Investments Fluctuation Reserve   30,000 Cash in Hand 10,000
Sundry Creditors   90,000 Cash at Bank 55,000
      Advertisement Suspense 5,000
    8,80,000   8,80,000


They decided to share profits equally w.e.f. 1st April, 2019. They also agreed that:
(i) Value of Land and Building be decreased by 5%.
(ii) Value of Machinery be increased by 5%.
(iii) A Provision for Doubtful Debts be created @ 5% on Sundry Debtors.
(iv) A Motor Cycle valued at ₹ 20,000 was unrecorded and is now to be recorded in the books.
(v) Out of Sundry Creditors, ₹ 10,000 is not payable.
(vi) Goodwill is to be valued at 2 years' purchase of last 3 years profits. Profits being for 2018-19 − ₹ 50,000 (Loss); 2017-18 − ₹ 2,50,000 and 2016-17 − ₹ 2,50,000.
(vii) C was to carry out the work for reconstituting the firm at a remuneration (including expenses) of ₹ 5,000. Expenses came to ₹ 3,000.
Pass Journal entries and prepare Revaluation Account.

Exercise | Q 24 | Page 42

A, B and C are sharing profits and losses in the ratio of 2 : 2 : 1. They decided to share profit w.e.f. 1st April, 2019 in the ratio of 5 : 3 : 2. They also decided not to change the values of assets and liabilities in the books of account. The book values and revised values of assets and liabilities as on the date of change were as follows:​

  Book values (₹)  Revised values (₹)
Machinery 2,50,000 3,00,000
Computers 2,00,000 1,75,000
Sundry Creditors 90,000 75,000
Outstanding Expenses 15,000 25,000

Pass an adjustment entry.

Exercise | Q 25 | Page 42

XY and Z are partners sharing profits and losses in the ratio of 7 : 5 : 4. Their Balance Sheet as at 31st March, 2019 stood as:

Liabilities Amount (₹) Assets Amount (₹)
Capital A/cs:   Sundry Assets 7,00,000
 X 2,10,000      
 Y 1,50,000      
 Z 1,20,000 4,80,000    
General Reserve   65,000    
Profit and Loss A/c   25,000    
Creditors   1,30,000    
    7,00,000   7,00,000


Partners decided that with effect from 1st April, 2019, they will share profits and losses in the ratio of 3 : 2 : 1. For this purpose, goodwill of the firm was valued at ₹ 1,50,000. The partners neither want to record the goodwill nor want to distribute the General Reserve and profits.
Pass a Journal entry to record the change and prepare Balance Sheet of the constituted firm.

Exercise | Q 26 | Page 42

AB and C were partners in a firm sharing profits in the ratio of 3 : 2 : 1. Their Balance Sheet as on 31st March, 2015 was as follows:

Liabilities

Amount

(₹)

Assets

Amount

​(₹)

Creditors 50,000 Land 50,000
Bills Payable 20,000 Building 50,000
General Reserve 30,000 Plant 1,00,000
Capital A/cs:   Stock 40,000
 A 1,00,000   Debtors 30,000
 B 50,000   Bank 5,000
 C  25,000 1,75,000    
  2,75,000   2,75,000


​ From 1st April, 2015, AB and decided to share profits equally. For this it was agreed that:
(i) Goodwill of the firm will be valued at ₹ 1,50,000.
(ii) Land will be revalued at ₹ 80,000 and building be depreciated by 6%.
(iii) Creditors of ₹ 6,000 were not likely to be claimed and hence should be written off.
Prepare Revaluation Account, Partners' Capital Accounts and Balance Sheet of the reconstituted firm.

Exercise | Q 27 | Page 43

A and B are partners sharing profits in the ratio of 4 : 3. Their Balance Sheet as at 31st March, 2019 stood as:​

Liabilities Amount
(₹)
Assets Amount
(₹)
Sundry Creditors 28,000 Cash  20,000
Reserve 42,000 Sundry Debtors 1,20,000
Capital A/cs:   Stock 1,40,000
 A 2,40,000   Fixed Assets 1,50,000
 B 1,20,000 3,60,000    
  4,30,000   4,30,000

They decided that with effect from 1st April, 2019, they will share profits and losses in the ratio of 2 : 1. For this purpose they decided that:
(i) Fixed Assets are to be reduced by 10%.
(ii) A Provision for Doubtful Debts of 6% be made on Sundry Debtors.
(iii) Stock be valued at ₹ 1,90,000.
(iv) An amount of ₹ 3,700 included in Creditors is not likely to be claimed .
Partners decided to record the revised values in the books. However, they do not want to disturb the Reserve. You are required to pass Journal entries, prepare Capital Accounts of Partners and the revised Balance Sheet.

Exercise | Q 28 | Page 43

X, Y and Z are partners in a firm sharing profits and losses as 5 : 4 : 3. Their Balance Sheet as at 31st March, 2019 was:

Liabilities Amount
​(₹)
Assets Amount
​(₹)
Sundry Creditors 40,000 Cash at Bank 40,000
Outstanding Expenses 15,000 Sundry Debtors 2,10,000
General Reserve 75,000 Stock 3,00,000
Capital A/cs:   Furniture 60,000
 X  4,00,000   Plant and Machinery 4,20,000
 Y 3,00,000      
 Z 2,00,000 9,00,000    
  10,30,000   10,30,000


From 1st April, 2019, they agree to alter their profit-sharing ratio as 4 : 3 : 2. It is also decided that:
(a) Furniture be taken at 80% of its value.
(b) Stock be appreciated by 20%.
(c) Plant and Machinery be valued at ₹ 4,00,000.
(d) Outstanding Expenses be increased by ₹ 13,000.
Partners agreed that altered values are not to be recorded in the books and they also do not want to distribute the General Reserve.
You are required to pass a single Journal entry to give effect to the above. Also, prepare Balance Sheet of the new firm.

Exercise | Q 29 | Page 44

Balance Sheet of X and Y, who share profits and losses as 5 : 3, as at 1st April, 2019 is:

Liabilities Amount
(₹)
Assets Amount
(₹)
X's Capital 52,000 Goodwill 8,000
Y's Capital 54,000 Machinery 38,000
General Reserve 4,800 Furniture 15,000
Sundry Creditors 5,000 Sundry Debtors 33,000
Employees' Provident Fund 1,000 Stock 7,000
Workmen Compensation Reserve 10,000 Bank 25,000
    Advertisement Suspense A/c      800
  1,26,800   1,26,800


On the above date, they decided to change their profit-sharing ratio to 3 : 5 and agreed upon the following:
(a) Goodwill be valued on the basis of two years' purchase of the average profit of the last three years. Profits for the years ended 31st March, are: 2016-17 − ₹ 7,500; 2017-18 − ₹ 4,000; 2018-19 − ₹ 6,500.
(b) Machinery and Stock be revalued at ₹ 45,000 and ₹ 8,000 respectively.
(c) Claim on account of workmen compensation is ₹ 6,000.
Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the new firm.

Exercise | Q 30 | Page 44

Ram, Mohan, Sohan and Hari were partners in a firm sharing profits in the ratio of 4 : 3 : 2 : 1. On 1st April, 2016, their Balance Sheet was as follows:

BALANCE SHEET OF RAM, MOHAN, SOHAN AND HARI

as on 1st April, 2016

Liabilities Assets
Capital A/cs:   Fixed Assets 9,00,000
 Ram 4,00,000   Current Assets 5,20,000
 Mohan     4,50,000      
 Sohan 2,50,000      
 Hari  2,00,000 13,00,000    
Workmen Compensation Reserve   1,20,000    
    14,20,000   14,20,000


From the above date, the partners decided to share the future profits in the ratio of 1 : 2 : 3 : 4. For this purpose the goodwill of the firm was valued at ₹ 1,80,000. The partners also agreed for the following:(a) The Claim for workmen compensation has been estimated at ₹ 1,50,000.
(b) Adjust the capitals of the partners according to the new profit-sharing ratio by opening Partners' Current Accounts.
Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the reconstituted firm.

Exercise | Q 31 | Page 45

Suresh, Ramesh, Mahesh and Ganesh  were partners in a firm sharing profits in the ratio of 2 : 2 : 3 : 3. On 1st April, 2016, their Balance Sheet was as follows:

 

BALANCE SHEET OF SURESH, RAMESH, MAHESH AND Ganesh

as on 1st April, 2016

Liabilities Amount
(₹)
Assets Amount
(₹)
Capital A/cs:   Fixed Assets 6,00,000
 Suresh 1,00,000   Current Assets 3,45,000
 Ramesh     1,50,000      
 Mahesh 2,00,000      
 Ganesh   2,50,000 7,00,000    
Sundry Creditors   1,70,000    
Workmen Compensation Reserve   75,000    
    9,45,000   9,45,000

From the above date, the partners decided to share the future profits equally. For this purpose the goodwill of the firm was valued at ₹ 90,000. It was also agreed that:
(a) Claim against Workmen Compensation Reserve will be estimated at ₹ 1,00,000 and fixed assets will be depreciated by 10%.
(b) The Capitals of the partners will be adjusted according to the new profit-sharing ratio. For this, necessary cash will be brought or paid by the partners as the case may be.
Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the reconstituted firm.

 

Exercise | Q 32 | Page 45

Following is the Balance Sheet of A and B, who shared Profits and Losses in the ratio of 2 : 1, as at 1st April, 2019:

BALANCE SHEET OF A AND B

as on 1st April, 2019

Liabilities Amount
(₹)
Assets

Amount

(₹)

Capital A/cs:   Land ad Building 2,90,000
 A 3,00,000   Furniture 80,000
 B 2,00,000 5,00,000 Stock 2,40,000
Reserve   1,50,000 Debtors 1,50,000
Creditors   2,00,000 Bank 60,000
      Cash 30,000
    8,50,000   8,50,000

On the above date, the partners changed their profit-sharing ratio to 3 : 2. For this purpose, the goodwill of the firm was valued at ₹ 3,00,000. The partners also agreed for the following:
(a) The value of Land and Building will be ₹ 5,00,000;
(b) Reserve is to be maintained at ₹ 3,00,000.
(c) The total capital of the partners in the new firm will be ₹ 6,00,000, which will be shared by the partners in their new profit-sharing ratio.
Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the reconstituted firm.

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Chapter 4: Change in Profit-Sharing Ratio Among the Existing Partners

Exercise
Class 12 Accountancy - Double Entry Book Keeping Volume 1 - Shaalaa.com

TS Grewal solutions for Class 12 Accountancy - Double Entry Book Keeping Volume 1 chapter 4 - Change in Profit-Sharing Ratio Among the Existing Partners

TS Grewal solutions for Class 12 Accountancy - Double Entry Book Keeping Volume 1 chapter 4 (Change in Profit-Sharing Ratio Among the Existing Partners) include all questions with solution and detail explanation. This will clear students doubts about any question and improve application skills while preparing for board exams. The detailed, step-by-step solutions will help you understand the concepts better and clear your confusions, if any. Shaalaa.com has the CBSE Class 12 Accountancy - Double Entry Book Keeping Volume 1 solutions in a manner that help students grasp basic concepts better and faster.

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Concepts covered in Class 12 Accountancy - Double Entry Book Keeping Volume 1 chapter 4 Change in Profit-Sharing Ratio Among the Existing Partners are Modes of Reconstitution of a Partnership Firm, Admission of a New Partner, Retirement and Death of a Partner - Calculation of New Profit Sharing Ratio, Retirement and Death of a Partner - Sacrificing Ratio, Concept of Goodwill, Adjustment for Accumulated Profits and Losses, Accounting for Revaluation of Assets and Reassessment of Liabilities, Admission of a Partner - Adjustment of Capitals, Change in Profit Sharing Ratio Among the Existing Partners, Admission of a Partner - Treatment of Goodwill, Retirement Or Death of a Partner - Treatment of Goodwill, Factors Affecting Goodwill, Methods of Valuation of Goodwill, Treatment of Goodwill, Ascertaining the Amount Due to Retiring/Deceased Partner, Retirement and Death of a Partner - Calculation of New Profit Sharing Ratio, Retirement and Death of a Partner - Gaining Ratio, Concept of Goodwill, Retirement Or Death of a Partner - Revaluation of Assets and Liabilities, Retirement Or Death of a Partner - Adjustment of Accumulated Profits and Losses, Disposal of Amount Due to Retiring Partner, Adjustment of Partners’ Capitals, Meaning of Retirement Or Death of a Partner.

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