Change in PL Ratio 2023
Akshita and Anurag are partners in a firm sharing profits in the ratio of
2 : 1. Akshat is admitted in the firm with 1 share in profits. Akshat
3
acquires 2 1
of his share from Akshita and of his share from Anurag.
3 3
The new profit sharing ratio of Akshita, Anurag and Akshat
will be :
(a) 3:2:4 (b) 4:3:2
(c) 2:1:1 (d) 4:2:3
12. P, Q and R were partners in a firm sharing profits
and losses inthe ratio of 4 : 3 : 1. P died on 1st
September, 2022. On the date of
s of the firm were calculated as <
80,000.
share of profit will be adjusted by :
(a) Debiting Profit and Loss Account with < 40,000.
(b) Debiting Profit and Loss Appropriation Account
by < 40,000.
(c) Debiting Profit and Loss Suspense Account with <
80,000.
(d) Debiting Profit and Loss Suspense Account with <
40,000.
OR
(ii) Pooja, Nita and Anita were partners in a firm sharing
profits and losses in the ratio of 3 : 2 : 1. Pooja
retired and her share is taken up by Nita and
Anita equally. The new profit sharing ratio of
Nita
and Anita will be :
(a) 2:1
(b) 7:5
(c) 1:1
(d) 3:2
17. Suman, Vivek and Vinod were partners in a firm sharing
profits and losses in the ratio of 5 : 3 : 2. Suman retired
on 1st April, 2022. After making all adjustments relating
to revaluation, goodwill and accumulated profits, etc.,
the capital accounts of Vivek and Vinod showed credit
balances of < 3,60,000 and < 1,40,000 respectively.
It was decided to adjust the capitals of Vivek and Vinod in their new profit sharing
ratio. Pass necessary journal entries for bringing in or withdrawal of the necessary
amounts. Show your working clearly.
17. Anu, Manu, Tanu and Kanu were partners in a firm
sharing profits and losses in the ratio of 2 : 1 : 2 : 1. They
decided to share profits and losses in the ratio of 4 : 2 : 3
: 1 with effect from 1 st April, 2022. On this date, goodwill
of the firm was valued at < 1,20,000 and General
Reserve
appeared in the books at < 36,000.
Pass necessary journal entries for the above transactions. Show your workings clearly.
17. On 1st April, 2022, the capital of the firm of Ashu and
Madhav is
< 1,50,000. The normal rate of return on capital
employed is 10%.
Average profits of the firm are < 23,500. Calculate
goodwill of the
firm based on three years purchase of super profits. 3
2021
2021
CHANGE IN PL 2020 1
1. Meera, Myra and Neera were partners sharing profits in the
ratio of 2 : 2 : 1. They decided to share future profits in the ratio
of 7 : 5 : 3 with effect from 1st April, 2019. Their Balance Sheet as
on that date showed a
balance of < 45,000 in Advertisement Suspense Account. The
amount to be debited respectively to the capital accounts of Meera,
Myra and Neera
for writing off the amount in Advertisement Suspense Account will be : 1
(A) < 18,000, < 18,000 and < 9,000
(B) < 15,000, < 15,000 and < 15,000
(C) < 21,000, < 15,000
and < 9,000 (D) < 22,500, <
22,500 and Nil
8. Sun and Star were partners in a firm sharing profits in the ratio
of 2 : 1. Moon was admitted as a new partner in the firm. New
profit sharing ratio was 3 : 3 : 2. Moon brought the following
assets towards his share of goodwill and his capital :
<
Machinery 2,00,000
Furniture 1,20,000
Stock 80,000
Cash 50,000
If his capital is considered as < 3,80,000, the goodwill of the firm will be
: 1
(A) < 70,000
(B) < 2,80,000
(C) < 4,50,000
(D) < 1,40,000 CHANGE IN PL 2020
2019
Radhika, Bani and Chitra were partners in a firm sharing profits
and losses in the ratio of 2 : 3 : 1. With effect from 1st April, 2018
they decided to share future profits and losses in the ratio of 3 :
2 : 1. On that date their Balance Sheet showed a debit balance of
` 24,000 in Profit and Loss Account and a balance of ` 1,44,000
in General Reserve.It was also agreed that :
(a) The goodwill of the firm be valued at ` 1,80,000.
The Land (having book value of ` 3,00,000) will be valued at ` 4,80,000. Pass the necessary journal
entries for the above changes
