CHANGE IN PSR | Q17, Q18, Q19, Q20, Q21 | TS GREWAL | Class 12 | ACCOUNTS | 2024

Nitin, Tarun and Samar are partners | Bootstrap and Davy Jones partners | Mita, Gopal and Farhan were partners | Bhavya and Sakshi are partners in a firm | CHANGE IN PSR | Q17, Q18, Q19, Q20, Q21 | TS GREWAL | Chapter 3 | Class 12 | ACCOUNTS    / @mananmalik_commerce   Q17. Nitin, Tarun and Samar are partners sharing profits equally and decide to share profits in the ratio of 2: 2: 1 w.e.f. 1st April, 2024. The extract of their Balance Sheet as at 31st March, 2024 is as follows: 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. Q18. Bootstrap and Davy Jones partners sharing profits in the ratio of 2: 1. On 31st March, 2024, 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. Q19. Mita, Gopal and Farhan were partners sharing profits and losses in the ratio 3: 2: 1. On 31st March, 2018 they decided to change the profit-sharing ratio to 5: 3: 2. On this date, the Balance Sheet showed Deferred Advertisement Expenditure 30,000 and Contingency Reserve 9,000. Goodwill was valued at 4,80,000. Pass the necessary Journal entries for the above transactions in the books of the firm on its reconstitution. Q20. 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, 2024. 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. General Reserve 6,000 Profit & Loss A/c (Credit) 24,000 Advertisement Suspense A/c 12,000 Q21. 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: 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. (il) Goodwill of the firm be valued at 24,000. Accounts | Change in profit sharing ratio | class 12 questions ts grewal class 12 solutions 2024 important questions change in psr class 12 one shot Class 12 Partnership Accounts Class 12 Accounts Change in profit sharing ratio of a Partner Class 12 Change in profit sharing ratio of a Partner 2024 Questions Change in profit sharing ratio of a Partner Class 12 accounts chapter 3 ch 3 change in profit sharing ratio class 12 Question ts grewal class 12 ts grewal solutions premium for goodwill ch3 change in profit sharing ratio class 12 class 12 accounts chapter 3 ts grewal solutions class 12 profit sharing ratio change in psr class 12 how to calculate old profit sharing ratio Accounts Admission of a partner class 12 question 33 ts grewal class 12 solutions 2024 important questions TS Grewal Solutions 2024 00:00 Question 17 - Nitin, Tarun and Samar 10:02 Question 18 - Bootstrap and Davy Jones 15:32 Question 19 - Mita, Gopal and Farhan 20:35 Question 20 - X, Y and Z : ratio of 5: 3: 2 24:30 Question 21 - Bhavya and Sakshi #changeinpsr #changeinprofitsharingratio #commerce #class12 #cbse #accountancy #accounts #accounting #tsgrewal2024 #partnershipfundamentals #solution #tsgrewalsolutions #partnership #commerce #class12 #cbse #tsgrewalsolutions #tsgrewal2024 #tsgrewal #tsgrewalsolution #account #accounts #accountancy #accountssolution