Important Questions of Class 12 Accountancy Ch-3 Change in Profit Sharing Ratio
Question 1: [2024C]
Deepa, Elton, and Frank were partners in a firm sharing profits in the ratio of 2:2:1. With effect from 1st April 2023, they decided to change their profit-sharing ratio as 1:2:2. There existed a Debit Balance of Profit and Loss Account of ₹ 50,000 in the books of the firm on the date of change in the profit-sharing ratio. The partners decided to retain the Debit Balance of the Profit and Loss Account in the books. The adjustment entry will be:
| Journal | Dr. Amount (₹) | Cr. Amount (₹) |
|---|---|---|
| (A) Deepa’s Capital A/c Dr. To Frank’s Capital A/c | 10,000 | 10,000 |
| (B) Deepa’s Capital A/c Dr. To Frank’s Capital A/c | 5,000 | 5,000 |
| (C) Frank’s Capital A/c Dr. To Deepa’s Capital A/c | 10,000 | 10,000 |
| (D) Frank’s Capital A/c Dr. To Deepa’s Capital A/c | 5,000 | 5,000 |
Answer
(C)
Important Questions of Class 12 Accountancy Ch-3 Change in Profit Sharing Ratio
Question 2: [2024C]
Som, Pam, and Ron were partners in a firm sharing profits in the ratio of 7 : 2 : 1. With effect from 1st April 2023, they decided to change their profit-sharing ratio to 1 : 2 : 7. There existed a Credit Balance in the Profit and Loss Account of ₹1,00,000 on the date of change in profit-sharing ratio. The adjustment entry will be:
| Journal | Dr. Amount (₹) | Cr. Amount (₹) |
|---|---|---|
| (A) Ron’s Capital A/c Dr. To Som’s Capital A/c | 20,000 | 20,000 |
| (B) Ron’s Capital A/c Dr. To Som’s Capital A/c | 60,000 | 60,000 |
| (C) Som’s Capital A/c Dr. To Ron’s Capital A/c | 20,000 | 20,000 |
| (D) Som’s Capital A/c Dr. To Ron’s Capital A/c | 60,000 | 60,000 |
Important Questions of Class 12 Accountancy Ch-3 Change in Profit Sharing Ratio
