12 :- Nitya and Anand are partners in a firm sharing profits and losses equally. With effect from 1st April 2025, they decided to share future profits in the ratio of 3 : 2. On the date of the change in the profit sharing ratio, the Profit & Loss Account had a credit balance of Rs 1,50,000. Pass the necessary Journal entry for the distribution of the balance in the Profit & Loss Account before the change in the profit-sharing ratio.
13 :- Om and Shiv 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, 2025. On that day, the Profit and Loss Account showed a debit balance of Rs 1,00,000. Pass Journal entry to give effect to the above.
14 :- 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 Rs 1,20,000 at the time of change in profit sharing ratio, when:
- No other information is given
- There is no claim against it
15 :- X, Y and Z who were sharing profits and losses in the ratio of 5 : 3 : 2 decided to share future profits in the ratio of 2 : 3 : 5. Given the Journal entry to distribute ‘Workmen Compensation Reserve’ of Rs 1,20,000 at the time of change in profit sharing ratio, when there is a claim of Rs 80,000 against it.
16 :- Ashok, Bhim and Chetan who were sharing profits in the ratio of 5 : 3 : 2, decided to share profits in the ratio of 2 : 3 : 5 with effect from 1st April, 2025. Workmen Compensation Reserve existed at Rs 1,20,000 in the Balance Sheet as at 31st March, 2025 and Workmen Compensation Claim of Rs 1,50,000 exists. Pass journal entries for the accounting treatment of workmen compensation reserve.
Question 1 to 4 (Sacrificing and Gaining Share)
Question 5 (Calculation of Old Profit – Sharing Ratio on the basis of Sacrificing and Gaining share)
Question 6 to 10 (Accounting of goodwill)
Question 11 (Calculation of New Profit – sharing ratio on the basis of Adjustment of goodwill)
Question 12 to 16 (Accounting of Reserves, Accumulated Profits and Losses)
Question 17 to 20 (Accounting of Reserves, Accumulated Profits and Losses)
Question 21 to 24 (Accounting of Reserves, Accumulated Profits and Losses)
Question 25 to 28 (Revaluation of Assets and Reassessment of Liabilities)
Question 29 to 30 (Preparation of Balance Sheet)
Question 31 to 32 (Adjustment of capital)