Change In Profit Sharing Ratio (Important Questions Series) Class 12th T.S.Grewal Que- 7,9,10,11

Change In Profit Sharing Ratio (Important Questions Series) Class 12th T.S.Grewal Que- 7,9,10,11 Instagram Link : https://www.instagram.com/manojsharma... 7. X, Y and Z are partners sharing profits equally. They decided that in future Z will get 1/5th share in profits. On the day of change, firm's goodwill is valued at 30,000. Give Journal entry arising on account of change in Profit-sharing Ratio. [Ans.: Dr. X's Capital A/c by 2,000; Y's Capital A/c by 2,000; Cr. Z's Capital A/c by 4,000.] 9. Ram, Laxman and Bharat who were sharing profits and losses in the ratio of 5:3: 2, decide to share profits and losses equally with effect from 1st April, 2025. Goodwill of the firm is valued at 4,50,000. Goodwill is existing in the books at ₹ 75,000. Pass necessary Journal entries to record the above change. [Ans.: For Goodwill Written off-Dr. Ram's Capital A/c by Bharat's Capital A/c by 37,500; Laxman's Capital A/c by 22,500; 15,000 and Cr. Goodwill A/c by 75,000. For Adjustment of Goodwill-Dr. Laxman's Capital A/c by 15,000; Bharat's Capital A/c by 60,000 and Cr. Ram's Capital A/c by 75,000.] 10. A and B are partners in a firm sharing profits in the ratio of 2: 1. They decided that with effect from 1st April, 2024, they would share profits in the ratio of 3: 2. But, this decision was taken after the profit for the year ended 31st March, 2025 of 90,000 was distributed in the old profit-sharing ratio. Firm's goodwill was valued on the basis of aggregate of two years' profits preceding the date decision became effective. Profits for the years ended 31st March, 2023 and 2024 were₹60,000 and Accounts of the partners as at 31st March, 2025 were 1,50,000 for A and 75,000 respectively. Capital 90,000 for B. Pass necessary Journal entries and prepare Partners' Capital Accounts [Ans.: Value of Goodwill- 1,35,000; A's sacrifice-1/15 and B's Gain-1/15 Calculation of New Profit-sharing Ratio on the basis of Adjustment of Goodwill 11. Nidhi, Vridhi and Kavya are partners sharing profits and losses in the ratio of 2: 2: 1. From 1st April, 2025, they decide to change the profit-sharing ratio. They pass the following adjustment entry for goodwill in the books: JOURNAL Date Particulars L.F. Dr. () Cr. () 2025 April 1 Nidhi's Current A/c (2,00,000 x 3/25) ...Dr. 24,000 Kavya's Curren: A/c (2,00,000 × 2/25) ...Dr. 16,000 To Vridhi's Current A/c (2,00,000 x 5/25) (Goodwill adjusted on change in profit-sharing ratio) 40,000 What will be the new profit-sharing ratio of partners assuming capital of partners are fixed? [Ans.: New Profit-sharing Ratio-13:5:7.] [Hint: New Profit Share = Old Profit Share Sacrificed Profit Share + Share Gained New Share of: Nidhi 2/5 + 3/25 = 13/25; Vridhi = 2/5 - 1/5 = 1/5 or 5/25; Kavya = 1/5 + 2/25 = 7/25. Vridhi is sacrificing partner and Nidhi and Kavya are gaining partners.]