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Accountancy · 2024 · 1 mark
Reconstitution of a Partnership Firm – Admission of a PartnerChange in Profit Sharing Ratio among the Existing Partners1 markmcq
CBSE 2024 · Region 3 · Set 2 · Q16
Manu, Sonu and Rahul were partners in a firm sharing profits and losses in the ratio of 4: 3: 2. With effect from 1st April, 2023, they decided to…
Manu, Sonu and Rahul were partners in a firm sharing profits and losses in the ratio of $\displaystyle 4$ : $\displaystyle 3$ : 2. With effect from 1st April, $\displaystyle 2023$, they decided to share profits and losses in the future in the ratio of $\displaystyle 3$ : $\displaystyle 2$ : 1. Their Balance Sheet showed Workmen Compensation Reserve of ₹ $\displaystyle 84$,000. The claim on account of Workmen Compensation is estimated at ₹ $\displaystyle 75$,000. The journal entry to give effect to the above transaction will be :
Official answer
(A)
Workmen Compensation Reserve A/c Dr $\displaystyle 84,000$ To Workmen Compensation Claim A/c $\displaystyle 75,000$ To Manu's Capital A/c $\displaystyle 4,000$ To Sonu's Capital A/c $\displaystyle 3,000$ To Rahul's Capital A/c $\displaystyle 2,000$
Marking-scheme solution
(A)
JOURNAL
Date Particulars L.F. Dr. Cr.
Amount Amount
( ₹) ( ₹)
Workmen Compensation Reserve A/c Dr. $\displaystyle 84,000$
To Workmen Compensation Claim A/c $\displaystyle 75,000$
To Manu’s Capital A/c $\displaystyle 4,000$
To Sonu’s Capital A/c $\displaystyle 3,000$
To Rahul’s Capital A/c $\displaystyle 2,000$
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CBSE Class 12 Accountancy past-paper question from the 2024 board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.