DK Goel Accountancy Class 12 Solution Vol 1 Chapter 2 Change in Profit Sharing Ratio Among the Existing Partners (Updated For 2023)

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DK Goel Accountancy Class 12 Solutions Vol 1 Chapter 2 Change in Profit Sharing Ratio Among the Existing Partners PDF

DK Goel Accountancy Class 12 Solutions Vol 1 Chapter 2 Change in Profit Sharing Ratio Among the Existing Partners

DK Goel Solutions Class 12 – Chapter 2 – Part A

Question 1

Charu and Divya are partners in a firm. Charu was to get a commission of 10% on the net profits before charging any commission. However, Divya was to get a commission of 10% on the net profits after charging all commissions. Fill in the missing figure in the following Profit and Loss Appropriation Account for the year ended 31st March 2018.

Solution:

Dr.	Profit and Loss Appropriation Account   For the year ended 31st March 2018		Cr.
Particular	₹	Particular	₹
To Charu’s Commission   (₹….x 10 / 100)	44,000
To Divya’s Commission
To Profit transferred to:   Charu’s Capital A/c Divya’s Capital A/c

Solution:

Dr.	Profit and Loss Appropriation Account   For the year ended 31st March 2018		Cr.
Particular	₹	Particular	₹
To Charu’s Commission   (₹4,40,00 x 10 / 100)	44,000	By Profit & Loss A/c	4,40,000
To Divya’s Commission   (₹3,96,00 x 10 / 100)	36,000
To Profit transferred to:
Charu’s Capital A/c 1,80,000   Divya’s Capital A/c 1,80,000	3,60,000

Working Notes:

1. Calculation of profit before charging any commission

Charu’scommission @ 10% on the net profits charging any commission = 44,000

Therefore, total profit before charging any commission = ₹44,000 x 100 / 10 – ₹4,40,000

2. Calculation of Divya’s Commission

Profit after charging Charu’s commission= ₹3,96,000 (₹4,40,000 – ₹44,000)

Commission of Divya = ₹ 3,96,000 x 10/ 110 = ₹36,000

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