Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans 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 ₹ 1,20,000 at the time of change in profit sharing ratio, when there is a claim of ₹ 80,000 against it. 3.44K viewsAnurag Pathak Changed status to publish April 29, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans 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 ₹ 1,20,000 at the time of change in profit sharing ratio, when: i) No other information is given ii) there is no claim against it. 3.32K viewsAnurag Pathak Changed status to publish April 29, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans 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, 2023. On that day, the Profit and Loss Account showed a debit balance of ₹ 1,00,000. Pass Journal entry to give effect to the above. [Ans.: Dr. Om’s Capital A/c by ₹ 80,000 and Shiv’s Capital A/c by ₹ 20,000; Cr. Profit and Loss A/c by ₹ 1,00,000.] 4.43K viewsAnurag Pathak Changed status to publish April 29, 2023[CBSE] TS Grewal SolutionsChange in Profit Sharing Ratio 0 Votes 1 Ans Nitya and Anand are partners in a firm sharing profits and losses equally. With effect from 1st April 2023, 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 ₹ 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. 5.27K viewsAnurag Pathak Changed status to publish April 29, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans Naman, Aman and Raman are partners sharing profits and losses in the ratio of 2 : 2 : 1. From 1st April 2023, they decide to change the profit-sharing ratio. They pass the following adjustments entry for goodwill in the books: 4.98K viewsAnurag Pathak Changed status to publish April 29, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans A, B and C shared profits and losses in the ratio of 3 : 2 : 1 respectively. With effect from 1st April, 2023, they agreed to share profits equally. The goodwill of the firm was valued at ₹ 18,000. 3.38K viewsAnurag Pathak Changed status to publish April 28, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans Hari, Ram and Shyam who were sharing profits and losses in the ratio of 5 : 3 : 2, decide to share future profits and losses in the ratio of 2 : 2 : 1. Goodwill of the firm is valued at ₹ 1,00,000. Goodwill existing in the books is ₹ 40,000. Show the necessary accounting treatment by raising Goodwill Account. 4.33K viewsAnurag Pathak Changed status to publish April 28, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans Arun, Varun and Tarun are partners sharing profits and losses in the ratio of 3 : 2 : 1. They decide to share profit and losses equally with effect from 1st April 2023. Goodwill of the firm is valued at ₹ 1,20,000. Pass Journal entries when goodwill is raised and written off. 5.45K viewsAnurag Pathak Changed status to publish April 26, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans A and B are partners in a firm sharing profits in the ratio of 2 : 1. They decided that with effect from 1st April 2022, they would share profits in the ratio of 3 : 2. But, this decision was taken after the profit for the year ended 31st March 2023 of ₹ 90,000 was distributed in the old profit sharing ratio. 5.05K viewsAnurag Pathak Changed status to publish April 26, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans Ash, Nisha, and Disha shared profits and losses in the ratio of 3 : 2 : 1 respectively. With effect from 1st April 2023, they agreed to share profits equally. The goodwill of the firm was valued at ₹ 18,000. Pass necessary Journal entries to record the above change. 5.29K viewsAnurag Pathak Changed status to publish April 26, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans X, Y and Z are partners sharing profits and losses in the ratio of 5 : 3 : 2. From 1st April 2023, they decided to share profits and losses equally. The Partnership Deed provides that in the event of any change in the profit sharing ratio, goodwill is to be valued at two years’ purchase of the average profit of the preceding five years. The Profits and losses of the preceding years ended 31st March are: 4.58K viewsAnurag Pathak Changed status to publish April 26, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans A, B, and C are partners sharing profits and losses in the ratio of 5 : 4 : 1. Calculate the new profit sharing ratio, sacrificing ratio, and gaining ratio in each of the following cases: 3.89K viewsAnurag Pathak Changed status to publish April 24, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans X, Y, and Z are sharing profits and losses in the ratio of 5 : 3 : 2. With effect from 1st April 2023, they decide to share profits and losses equally. Calculate each partner’s gain or sacrifice due to the change in the ratio. 2.38K viewsAnurag Pathak Changed status to publish April 24, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans Om and Shyam are sharing profits and losses equally. With effect from 1st April 2023, they agree to share profits in the ratio of 4 : 3. Calculate the individual partner’s gain or sacrifice due to the change in ratio. 4.61K viewsAnurag Pathak Changed status to publish April 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 0 Votes 1 Ans Enumerate two main steps involved in valuing Goodwill according to Super Profit Method. 998 viewsAnurag Pathak Changed status to publish April 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans Give the formula for Calculation of Goodwill by Capitalisation of Super Profit Method 954 viewsAnurag Pathak Changed status to publish April 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans Give the formula for calculation of Goodwill by ‘Capitalisation of Average Profit.’ 879 viewsAnurag Pathak Changed status to publish April 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans What is meant by Capitalisation of Super Profit? 1.01K viewsAnurag Pathak Changed status to publish April 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans What is meant by Capitalisation of Average Profit? 824 viewsAnurag Pathak Changed status to publish April 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans What are ‘Super Profits’? 877 viewsAnurag Pathak Changed status to publish April 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans What is meant by Average Profit? 916 viewsAnurag Pathak Changed status to publish April 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans What is meant by Self-generated Goodwill? 954 viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans What is meant by purchased Goodwill? 865 viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans Give any two features of Goodwill. 841 viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans State any three circumstances other than (i) admission of a new partner, (ii) retirement of a partner and (iii) death of a partner, when need for valuation of goodwill of a firm may arise. 1.23K viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill « Previous 1 2 … 149 150 151 152 153 … 161 162 Next » Question and answer is powered by anspress.net
