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CBSE CLASS XII
Change in Profit Sharing Ration Among the Existing Partners
Q. 21. Raju, Shashtri and Tanka are partners in a firm, sharing profits and losses in the ratio of 5:3:2 . Their Balance Sheet as at 31st March, 2007 stood as follows:
Balance Sheet:
| Liabilities | Amount | Assets | Amount | |
| Sundry Creditors | 25,000 | Cash at bank | 10,000 | |
| General Reserve | 20,000 | Sundry Debtors | 22,000 | |
| Shashtri’s Loan A/c | 15,000 | Less: Reserve for bad | ||
| Capital A/c | Debtors | 2000 | ||
| Raju | 25,000 | 40,000 | Furniture | |
| Shashtri | 10,000 | Plant & Machinery | ||
| Tanka | 5,000 | Stock | ||
Q. 22. The following is the balance sheet of X,Y,Z, who share profits and losses in the ratio of 2:3:1 as at 31st March , 2007:
Balance Sheet:
| Liabilities | Amount | Assets | Amount |
| X’s capital A/c | 1,00,000 | Goodwill | 12,000 |
| Y’s capital A/c | 2,00,000 | Land & Building | 3,50,000 |
| Z’s capital A/c | 3,00,000 | Investments(Market value (96,000) | 1,00,000 |
| Workmen compensation Reserve | 30,000 | Stock | 80,000 |
| Investment Fluctuation Reserve | 10,000 | Debtors | 3,00,000 |
| Creditors | 5,00,000 | Less: provision doubtful debts | 2,90,000 |
| 10,000 | 2,96,000 | ||
| Cash at bank | 12,000 | ||
| Advertisement Suspense A/c | |||
| 11,40,000 | 11,40,000 |
On the above date, the partners changed their profit- sharing ratio to 3:2:1 . the following issues are agreed upon :
- Goodwill is to be valued at 2 years purchase of average profits of last three completed years. The profits were : 2003-04- Rs. 45,000; 2004-05 – Rs. 90,000; 2005-06- Rs. 1,35,000
- Land & Buildings was found undervalued by Rs. 25,000 and the stock was found overvalued by Rs. 8,000.
- Provision for doubtful debts is to be made equal to 5% of the debtors.
- Claim on account of workmen compensation is Rs. 18,000. Pass the necessary Journal entries and prepare the balance Sheet of the new firm .
Paper By Mr. Rahul Kadd
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