Aman, Suman and Tanvi were partners in a firm sharing profits and losses in the ratio of 9: 8: 7. They decided to share future profits and losses in…

JOURNAL Date Particulars L.F. Dr. Cr. Amount ( ₹) Amount ( ₹) $\displaystyle 2024$ Suman’s Capital A/c Dr. $\displaystyle 3,00,000$ April $\displaystyle 1$ Tanvi’s Capital A/c Dr. $\displaystyle 3,00,000$ To Aman’s Capital A/c $\displaystyle 6,00,000$ (Adjustment entry due to change in profit sharing ratio) Working Notes Old Ratio = Aman : Suman : Tanvi = $\displaystyle 9$:$\displaystyle 8$:$\displaystyle 7$ New Ratio = Aman : Suman : Tanvi = $\displaystyle 7$:$\displaystyle 9$:$\displaystyle 8$ Sacrificing Share = Old Share – New Share Aman’s Sacrificing Share = $\displaystyle 9$/$\displaystyle 24$ – $\displaystyle 7$/$\displaystyle 24$ = $\displaystyle 2$/$\displaystyle 24$ (sacrifice) Suman’s Sacrificing Share = $\displaystyle 8$/$\displaystyle 24$ – $\displaystyle 9$/$\displaystyle 24$ = -$\displaystyle 1$/$\displaystyle 24$ (gain) Tanvi’s Sacrificing Share = $\displaystyle 7$/$\displaystyle 24$ – $\displaystyle 8$/$\displaystyle 24$ = -$\displaystyle 1$/$\displaystyle 24$ (gain) Particulars ₹ Contingency Reserve $\displaystyle 24,00,000$ Credit Balance of Profit and Loss Account $\displaystyle 12,00,000$ Goodwill of the firm $\displaystyle 42,00,000$ Revaluation Loss ($\displaystyle 6,00,000$) Total $\displaystyle 72,00,000$ Aman Sacrifices = $\displaystyle 2$/$\displaystyle 24$ x $\displaystyle 72,00,000$ = ₹$\displaystyle 6,00,000$, Suman Gains= $\displaystyle 1$/$\displaystyle 24$ x72,$\displaystyle 00,000$= ₹$\displaystyle 3,00,000$, Tanvi Gains = $\displaystyle 1$/$\displaystyle 24$ x72,$\displaystyle 00,000$= ₹$\displaystyle 3,00$,000.