Category [CBSE] TS Grewal Solutions [CBSE] TS Grewal Solutions 803 Questions 10 Sub Categories[CBSE] Admission of Partner(141)[CBSE] Death of Partner(41)[CBSE] Dissolution of Partner(55)[CBSE] Fundamentals of Partnership Firm(234)[CBSE] Issue of Debenture(58) Ask question Search Order By: ActiveClear Filter 0 Votes 1 Ans A, B and C who are sharing profits and losses in the ratio of 5 : 3 : 2 decide to share future profits in the ratio of 2 : 3 : 5. Give the Journal entry to distribute ‘Investments Fluctuation Reserve’ of ₹ 20,000 at the time of change in profit sharing ratio, when investment (market value ₹ 95,000) appears in the books at ₹ 1,00,000. 2.92K viewsAnurag Pathak Changed status to publish April 29, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thChange in Profit Sharing Ratio 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. 3.48K 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. 3.34K 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.] 4.48K 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. 5.33K 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: 5.02K 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. 3.41K 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. 4.36K 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. 5.50K 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. 5.09K 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. 5.36K 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: 4.63K 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: 3.93K 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. 2.40K 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. 4.67K 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. 1.01K 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 978 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.’ 893 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? 1.03K 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? 839 viewsAnurag Pathak Changed status to publish April 20, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill 0 Votes 1 Ans What are ‘Super Profits’? 901 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? 935 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? 971 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? 877 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. 855 viewsAnurag Pathak Changed status to publish April 19, 2023[CBSE] TS Grewal SolutionsAccountancy Class 12thGoodwill « Previous 1 2 … 31 32 33 34 35 … 40 41 Next » Question and answer is powered by anspress.net
