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Answer

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.

Solution:-

Anurag Pathak
April 26, 2023

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.

Solution:- Working Notes:-

Anurag Pathak
April 26, 2023

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, 2023. The goodwill of the firm is valued at ₹ 4,50,000. Goodwill is appearing in the books is at ₹ 75,000. Pass necessary Journal entries to record the above change.

Solution:-

Anurag Pathak
April 26, 2023

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.

Solution:-

Anurag Pathak
April 26, 2023

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:

Solution:-

Anurag Pathak
April 26, 2023

Pranav, Karan, and Rahim are partners sharing profits and losses in an agreed ratio. With effect from 1st April 2023, they agreed to share profit in the ratio of 3 : 3 : 4. To arrive at the new ratio, Rahim takes 1/5th share equally from Pranav and Karan. Calculate the old profit-sharing ratio.

Solution:-

Anurag Pathak
April 24, 2023

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:

Solution:-

Anurag Pathak
April 24, 2023

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.

Solution:-

Anurag Pathak
April 24, 2023

Ashok, Bhim, and Chetan are sharing profits and losses in a ratio of 5 : 3 : 2. With effect from 1st April 2023, they decide to share profits and losses in the ratio of 5 : 2: 3. Calculate each partner’s gain or sacrifice due to the change in ratio.

Solution:-

Anurag Pathak
April 20, 2023

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.

Solution:-

Anurag Pathak
April 20, 2023