TS Grewal Double Entry Book Keeping Class 12 Solutions 2019 Volume 1

Our Class 12 Accountancy TS Grewal Chapter wise Textbook Solutions are easy to understand for preparation and revision. There is good chances of coming these Accountancy Class 12 TS Grewal solutions on CBSE Final exam question papers. So students can go through this solutions to get good marks in examinations. These textbook solutions very helpful for the students in their exams and daily homework. The solutions included are simplified and clear solutions to complex problems.

CHANGE IN PROFIT SHARING RATIO

EXERCISE:

QUESTION1: A and B are sharing profit and losses equally with effect from first April 2019 they agree to share profit in the ratio 4: 3 calculate individual partner gym or sacrifice due to change in ratio

SOLUTION:

QUESTION2:  X Y and Z are sharing profit and losses in the ratio 5 : 3 : 2 with effect from 1st April 2019 they decided to share profit and losses in the ratio 5 : 2 : 3 calculate its partner gain again or sacrifice due to change in ratio

SOLUTION:

QUESTION3: X Y and Z are sharing profit and losses in the ratio 5 :3: 2 with effect from 1st April 2019 they decided to share profit and losses equally calculate each partner gain sacrifice due to change in ratio

SOLUTION:

QUESTION 4: A B and C are partners sharing profit 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 :CA acquires 1/5 share from a

 case 2: see acquires 1/5 share equally from a and b

 CASE3: A B and C will share profit and losses equally

 Case 4:4 requires 1/10 of share of a and one upon to share of B

.

SOLUTION:

 QUESTION 5 : A B and C is share profit and losses in the ratio 3 2 1 respectively with effect from 1st April 2019 they agreed to share profit equally the Goodwill of the firm was valued at 18000 was necessary journal entry when Goodwill is adjusted through partners capital account Goodwill is raised and written off

SOLUTION:

 QUESTION 6: X Y and Z are partners sharing profit and losses in the ratio of 5:3:2 from 1st April 2018 they decided to share profit and losses equally the partnership deed provide that in the event of any change in the profit sharing ratio the Goodwill should be valued at 2 years purchase of the average profit of the preceding 5 years the profit and losses of the preceding year and 31st March are

SOLUTION:

 QUESTION 7: Mandeep Vinod and Abbas are partners sharing profit and losses in the ratio of 3 :2: 1 from 1st April 2019 they decided to share profit equally the partnership deed provide that in the event of any change in the profit sharing ratio goodwill Selvi valued at 3 years purchase of average profit of last five years the profit and losses of the past five years are

 profit your Android 31st March 2015 -100000 2016 -150000  2018-200000 2019- 2 lakh loss for year ended 31st March 2017 -50000 was the journal and and show the working

SOLUTION:

 QUESTION 8: X Y and Z are partners sharing profit and losses in the ratio of 5:3:2 decided to share future profit and losses equally with effect from first of April 2019 on that date the Goodwill effort in the book at 12000 but it was valued at 30000 pass journal entry assuming that good will not appear in the books of account

SOLUTION:

 QUESTION 9: A and B are partners in a firm sharing profit in the ratio of of 2:1 they decided with effect from 1st April 2018 that they would share profit in the ratio of 5832 but this decision was taken after the profit for the year ended 31st March 2019 of 90000

 was form Goodwill was valued on the basis of aggregate of 2 years profit preceding the date of disease and become effective

 the profit for the year ended 31st March 2017 and 2018 where 60000 and 75000 respectively it was decided that Goodwill account will not opened in the book of the form and necessary adjustment for made through capital account which on 31st March 2019 true that 150000 for a

 pass necessary journal entry and prepare capital account

SOLUTION:

 QUESTION 10: Jai and Raj are partners sharing profit in the ratio of 3:2  effect from 1st April 2019 they decided to share profit equally Goodwill appeared in the book at 25000 as on 1st April 2019 it was valued at 100000 they decided to carry Goodwill in the book of firm pass the journal entry giving effect at the above 

SOLUTION:

QUESTION25:x ,y and z Sharing profit and losses in the ratio of 754 their balance sheet as at 31st March 2019 stood as

LIABILITIES	AMOUNT	ASSETS	AMOUNT
CAPITAL A/C X        10000 Y       150000 Z        120000 GENERAL RESERVE PROFIT AND LOSS A/C CREDITOR	480000 65000 25000 130000	SUNDRY ASSETS	700000

 partner decided that with effect from 1st April 2019 they will share profit and losses in the ratio of 3 2 1 for this purpose Goodwill of the form was valued at 150 e their partners neither want to record the Goodwill 9 want to distribute the general reserve and profit

 pasta general entry to record the change and prepare balance sheet of the consecutive firm

SOLUTION:

 QUESTION 26: a b and c are partners in a firm sharing profit in the ratio of 3:2:1 their balance sheet as on 31st March 2015 was as follows:

LIABILITIES	AMOUNT	ASSETS	AMOUNT
CREDITORS BILLS PAYABLE GENERAL RESERVE CAPITAL A/C A          100000 B          50000 C          25000	50000 20000 30000	LAND BUILDING PLANT STOCK DEBTOR BANK	50000 50000 100000 40000 30000 5000

from first of April 2015 A B and C decided to share profit equal what

 (i)Goodwill of the form will be valued at 150000

 (ii)land will be revalued at 80,000 and building be depreciated

 6%

(iii) creditor of 6000 where not likely to be claimed and hence should be Written off

Prepare revaluation account partners capital account and balance sheet of the reconstituted firm

SOLUTION:

 QUESTION 27:A and b our partners sharing profit in the ratio 4: 3 their balance sheet as at 31st March 2019 stood as

LIABILITIES	AMOUNT	ASSETS	AMOUNT
SUNDRY CREDITOR RESERVE CAPITAL A/C A        240000 B        120000	28000 42000 360000	CASH SUNDRY DEBTOR STOCK FIXED ASSETS	20000 120000 140000 150000

 they decided that with effect from first of April 2019 they will share profit and losses in the ratio of 21 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 DEBTOR

(III) stock was valued at 190000

(IV)an amount of 3700 in creditors is not likely to be claimed

 partner decided to record the revised values in the books however they did not want to disturb reserved you are required to pass journal entry prepare capital account of partners and the revised balance sheet

SOLUTION:

 QUESTION 28: X Y and Z are partners in a firm sharing profit and losses as 5:4:3 their balance sheet as at 31st March 2018 was

LIABILITIES	AMOUNT	ASSETS	AMOUNT
SUNDRY CREDITOR OUTSTANDING EXPENSES RESERVE CAPITAL A/C  X     400000 Y      300000 Z      200000	40000 15000 75000 900000	CASH SUNDRY DEBTOR STOCK FIXED ASSETS	20000 120000 140000 150000

 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 ok be appreciated by 20%

 (C)plant and machinery be valued at 400000

(D) outstanding expenses be increased by 13000

 partners agreed that altered value 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 general entry to give effect to the above also prepare balance sheet of the new fIrm

SOLUTION:

QUESTION29: Balance sheet of X and Y whose share profit and losses as 53 as at 1st April 2019 is

LIABILITIES	AMOUNT	ASSETS	AMOUNT
X CAPITAL Y’S CAPITAL GENERAL RESERVE SUNDRY CREDITOR EMPLOYEES PROVIDENT FUND WORKMEN COMPENSATION RESRVE	52000 54000 4800 5000 1000 10000	GOODWILL MACHINERY FURNITURE SUNDRY DEBTOR STOCK BANK ADVERTISMENT SUSPENSE	8000 38000 15000 33000 7000 25000 800

 on the above  date they decided to change their profit sharing ratio to 35 and agreed upon the following

 good will be valued on the basis of two years purchase of the average profit of the last three years profit for the year ended 31st March are you 2016-17 7500 2017-18 4000 2018-19 6500

 machinery and stock be valued at 45000 and 8,000 respectively

 claim on account of workmen compensation a6000

 prepare revaluation account partners capital account and balance sheet of the new firm

SOLUTION:

QUESTION 30: Ram Mohan and Sohan and Hari were partners in a firm sharing profits in the ratio of 4321 on the 1st April 2016 the balance sheet was as follows

LIABILITIES	AMOUNT	ASSETS	AMOUNT
CAPITAL A/C RAM         400000 MOHAN   450000 SOHAN    250000 HARI        200000 W.C.R	1300000 120000	FIXED ASSETS CURRENT ASSETS	900000 520000

 from the above date the partners decided to share the future profit in the ratio of 1 2 3 4 for this purpose the Goodwill of the form was valued at 180000 the partners also agreed of the following

 the claim for workmen compensation has been estimated at 150000

 adjust the capital of the partners according to new profit sharing ratio by opening partnership to current account

 prepare revaluation account partners capital account and balance sheet of the reconstituted firm

SOLUTION:

 QUESTION 31:Suresh, Ramesh, Mahesh and Ganesh partners in a firm sharing profit in the ratio of 2:2:3:3 on 1st April 2016 their balance sheet was as follows

LIABILITIES	AMOUNT	ASSETS	AMOUNT
CAPITAL A/C SURESH   100000 RAMESH  150000 MAHESH  200000 GANESH  250000 SUNDRY CREDITOR WORKMEN COMPENSATION RESERVE	700000 170000 75000	FIXED ASSETS CURRENT ASSET	600000 345000

 from the above that the partner decided to share the feature profit equally what this purpose the Goodwill of the firm was valued at 90000 it was also agreed that

 claim against  workmen compensation reserve will be estimated at 100000 and fixed assets will be depreciate by 10%

 the capital of the partner 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 account and the balance sheet of the reconstituted firm

SOLUTION:

  QUESTION 32:Follwing of the balance sheet of A and B who share profit and losses in the ratio of 2:1 as at 31st April 2019|:

LIABILITIES	AMOUNT	ASSETS	AMOUNT
CAPTAL A/C A                 300000 B                 200000 RESERVE CREDITOR	500000 150000 200000	LAND AND BULIDING FURNITURE STOCK DEBTOR BANK CASH	290000 80000 240000 150000 60000 30000

On the above date the partners change their profit sharing ratio 2:3:2 for this purpose the Goodwill of the firm was valued at 3 lakh the partners also agreed for the following

 (A)the value of land and building  will be MI 5 lakh

(B)reserve is to be maintained at 3 lakh

 (C)the total capital of the partners in new form will be 600000 which will be shared by the partner in a new profit sharing ratio

 prepare revaluation account partners capital account and balance sheet of the constituted firm

SOLUTION: