HARI VIDYA BHAWAN

Session- 2020-2021
Subject- Accountancy (055)
Class -12th
Worksheet-28
Chapter-3 Change in Profit Sharing Ratio Among the Existing
Partners
General instruction :
• Solve the worksheet in subject fair Note Book.
• Complete this worksheets as your Periodic Test I. Marks would be
given to those who complete it else you will have to go through pen
paper test after the school reopens.
• To solve this worksheet you can take help of the following link:
https://youtu.be/XshAIirjvgA
https://youtu.be/kWT-lE6Kdf4
https://youtu.be/wi1F3L48z4M
https://youtu.be/15yYtKdk_m8 (Treatment of Goodwill)
https://youtu.be/LfdY2ZztQJ0 ( Treatment of Reserve and
Accumulated Profits)
https://youtu.be/o2nNjfigw9U (Revaluation Of Assets and
Liabilities)

Topic : Accounting for Revaluation of Assets and

Liabilities when there change in the profit sharing ratio
of existing partners.
Q.1. Ashok, Bhim and Chetan were partners in a firm sharing
Profits in the ratio of 3:2:1. Their Balance Sheet as at 31-3-
2015 was as follows:
 Balance Sheet of Ashok, Bhim and Chetan
As at 31-3-2015

Liabilities Rs. Assets Rs.

Sundry Creditors 1,00,000 Land 1,00,000
Bills Payable 40,000 Building 1,00,000
General Reserve 60,000 Plant 2,00,000
Stock 80,000
Debtors 60,000
Capital A/c's Bank 10,000
Ashok 2,00,000
Bhim 1,00,000
Chetan 1,50,000 3,50,000
5,50,000 5,60,000
Ashok , Bhim and Chetan decided to share the future profit
equally, w.e.f., April 1, 2015. For this it agreed that :
i. Goodwill of the firm be valued at Rs.3,00,000.
ii. Land be revalued at Rs.1,60,000 and building be
depreciated by 6%.
iii. Creditors of Rs.12,000 were not likely to be claimed and
hence be written off
Prepare Revaluation Account, Partners' Capital Account and
Balance Sheet of the reconciliation firm.

Q.2. Brijesh , charu and Dilip are partners sharing Profits and
losses in the ratio of 3:2:1. Their Balance Sheet as at 31st
March, 2016 was as follows:
 Liabilities Rs. Assets Rs.
Sundry Creditors 87,000 Cash 1,00,000
General Reserve 42,000 Debtors 62,000
Profit and Loss A/c 21,000 Less : Provision
For doubtful debts 2,000 60,000
Capital A/c's Stock 1,80,000
Brijesh 3,00,000 Furniture 30,000
Charu 3,00,000 Plant 2,00,000
Dilip 50,000 6,50,000 Building 3,00,000

8,00,000 8,00,000
The partners agreed that from 1st April, 2016 they will share
profits and losses in the ratio of 4:4:1. They agreed that :
i. Stock is to be valued at 20% less.
ii. Provision for doubtful debts to be increased by Rs.1,500.
iii. Furniture is to be depreciated by 20% and plant by 15%.
iv. Rs.3,500 are outstanding for salaries
v. Building is to be valued at Rs.3,50,000.
vi. Goodwill is valued at Rs.45,000.
Partners do not want to record the altered value of assets and
liabilities in the books and want to leave the reserve and
profits undisturbed.
You are required to pass a single journal entry to give effect to
above. Also prepare the revised balance sheet.

Q.3. Shankar, babita and Vishal are partners in a firm in the

ratio of 5:4:2. On 1st April, 2016 they decided to share
Profit in future in the ratio of 4:3:2. On this date general
reserve was Rs.34,900 and loss on Revaluation of assets
and liabilities was Rs.5,200. It was decided that adjustment
should be made without altering the figures of assets and
 liabilities in the Balance Sheet. Make adjustment by single
journal entry.
Q.4.
 HARI VIDYA BHAWAN
SESSION- 2020-2021
Subject- Mathematics
Class – 12th
Worksheet – 28
Chapter – 6 (Application of Derivatives)
Exercise – 6.2
General Instructions :-
1. Complete these worksheets in Subject Notebook.
2. Complete this worksheets as your periodic test I. Marks would be given to those who complete it else you will
have to go through pen paper test after the school reopens.
3. If you have any query related to worksheets ask your queries in whatsapp group between 10 am -12 pm in
morning and 4 pm – 6 pm in the evening.
4. All the students must download Meritnation app for all content related to chapter for completing worksheets.
5. See video link/Video no. https://www.youtube.com/watch?v=V30ptDUC2go and book pdf (shared on the
whatsapp group) in every worksheet as it will help you to understand the topic.
 HARIVI
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Session-2020- 2021
Subject-History
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28
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