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Bimal and Lalit are partners sharing profits and losses in the ratio of 3 : 2. They changed their profit sharing ratio to 2 : 3 w.e.f 1st April 2023. The assets were revalued, and liabilities were reassessed on the date which resulted in a loss of ₹ 80,000. It was decided that the changed values will not be shown in the books of accounts. It will be adjusted in their capital accounts as by

Ans – a) Solution;- Old Ratio = 3 : 2 New Ratio = 2 : 3 Bimal = 3/5 – 2/5 = 3 – 2/5 = 1/5 Lalit = 2/5 – 3/5 = 2 – 3/5 = – 1/5 Bimal’s…

Nasim and Parvez are partners sharing profits equally. They changed their profit sharing ratio to 2 : 3 w.e.f 1st April 2023. The assets were revalued, and liabilities were reassessed on that date which resulted in a loss of ₹ 80,000. It will be transferred to their capital account by

Ans – a) solution Old Ratio = 1 : 1 Nasim’s Share in revaluation Loss = 80,000 × 1/2 = ₹ 40,000 Parvez Share in revaluation Loss = 80,000 × 1/2 = ₹ 40,000 Journal entry Nasim’s Capital A/c Dr.…

Aman and Akbar are partners sharing profits in the ratio of 3 : 2. They changed their profit sharing ratio to 2 : 3 w.e.f 1st April, 2023. The Balance Sheet as on the date of change in profit sharing ratio showed credit balance in Profit & Loss Account of ₹ 1,00,000, which the partners decide to carry forward and not distribute. The balance of ₹ 1,00,000 will be adjusted by

Ans – b) Solution:- Old Ratio = 3 : 2 New Ratio = 2 : 3 Calculation of Sacrifice/gain of partners Amar = 3/5 – 2/5 = 3 – 2/5 = 1/5 (sacrifice) Akbar = 2/5 – 3/5 = 2…