Alok, Sameer and Tushar were partners in a firm sharing profits and losses in the ratio of 4: 3: 2. With effect from 1st April, 2024, they decided to…

JOURNAL Date Particulars L.F. Dr. Cr. Amount ( ₹) Amount ( ₹) $\displaystyle 2024$ Tushar’s Capital A/c Dr. $\displaystyle 1,00,000$ April $\displaystyle 1$ To Alok’s Capital A/c $\displaystyle 50,000$ To Sameer’s Capital A/c $\displaystyle 50,000$ (Adjustment entry due to change in profit sharing ratio) Working Notes Old Ratio = Alok : Sameer : Tushar = $\displaystyle 4$:$\displaystyle 3$:$\displaystyle 2$ New Ratio = Alok : Sameer : Tushar = $\displaystyle 3$:$\displaystyle 2$:$\displaystyle 4$ Sacrificing Share = Old Share – New Share Alok’s Sacrificing Share = $\displaystyle 4$/$\displaystyle 9$ – $\displaystyle 3$/$\displaystyle 9$ = $\displaystyle 1$/$\displaystyle 9$ (sacrifice) Sameer’s Sacrificing Share = $\displaystyle 3$/$\displaystyle 9$ – $\displaystyle 2$/$\displaystyle 9$ = $\displaystyle 1$/$\displaystyle 9$ (sacrifice) Tushar’s Sacrificing Share = $\displaystyle 2$/$\displaystyle 9$ – $\displaystyle 4$/$\displaystyle 9$ = -$\displaystyle 2$/$\displaystyle 9$ (gain) Particulars ₹ Advertisement Suspense Account $\displaystyle (90,000)$ Credit Balance of Profit and Loss Account $\displaystyle 2,70,000$ Goodwill of the firm $\displaystyle 4,50,000$ Revaluation Loss ($\displaystyle 1,80,000$) Total $\displaystyle 4,50,000$ Alok Sacrifices = $\displaystyle 1$/$\displaystyle 9$ x $\displaystyle 4,50,000$ = ₹ $\displaystyle 50,000$, Sameer Sacrifices = $\displaystyle 1$/$\displaystyle 9$ x $\displaystyle 4,50,000$ = ₹ $\displaystyle 50,000$, Tushar Gains = $\displaystyle 2$/$\displaystyle 9$ x $\displaystyle 4,50,000$ = ₹ $\displaystyle 1,00$,000.