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Solving Simultaneous Linear Equations by Graphical Method

X and Y are...

Question

$X$ and $Y$ are partners in a firm sharing profits in the ratio of $3 : 2$ . They decided to share profits equally w.e.f. $1 s t$ April, $2018$ and also that they will use $10 %$ of the net profit in keeping the neighbourhood clean. Identify the values in their action.

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Solution

Caring for equality and caring for health of the employees

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Q. A and B 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,2018 . On that day, Profit and Loss Account showed a debit balance of ₹ 1,00,000.Pass journal entry to give effect to the above.

Q. Jai and Raj are partners sharing profits in the ratio of 3 : 2 . With effect from 1st April, 2018, they decided to share profits equally. Goodwill appeared in the books at ₹ 25,000 . As on 1st April, 2018, it was valued at ₹ 1,00,000 . They decided to carry goodwill in the books of the firm.
Pass the journal entry giving effect to the above.

X, Y

Z

are partners in a firm sharing profits in

3 : 3 : 2

ratio. They decide to share profits equally w.e.f. April

1, 2018

On that date, the Profit and Loss Account shows the credit balance of Rs.

60, 000

They decide that Profit and Loss Account will remain as it is. You are required to fill up the following Journal entry:

Date	Particulars	L.F.	Dr. (Rs.)	Cr. (Rs.)
2018 April 1	? ....Dr To ? To ? (Being adjustment made for credit balance of Profit and Loss Account due to change in profit-sharing ratio)		?	? ?

X

Y

are partners in a firm sharing profits and losses in the ratio of

3 : 2

, With effect from

1 s t

2018

, they decided to share future profits equally. On the date of change in the profit-sharing ratio, the Profit and Loss Account showed a credit balance of Rs.

1, 50, 000

. Record the Journal entry for the distribution of the balance in the profit and Loss Account immediately before the change in the profit-sharing ratio.

Q. A, B, and C are partners sharing profits in the ratio of

5 : 3 : 2.

They decided to share future profits in the ratio of

2 : 3 : 5

with effect from

1 s t

, 2018.

They also decided to adjust the following accumulated profit, losses and reserves without affecting their book values, by passing an adjustment entry:

	Book value (Rs.)
Profit and Loss A/c	15,000
General Reserve	60,000
Advertising Suspense A/c	30,000

The necessary adjustment entry will be:

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