Change in profit sharing ratio class 12th accounts T.S.Grewal Solution 14,15,16 & 17 Session 2026-27

Change in profit sharing ratio class 12th accounts T.S.Grewal Solution 14,15,16 & 17 Session 2026-27 treatment of workmen compensation reserve wcr Instagram Link : https://www.instagram.com/manojsharma... 14. A, B and C who are presently sharing profits and losses in the ratio of 5:3: 2 decide to share future profits and losses in the ratio of 2: 3: 5. Give the Journal entry to distribute 'Workmen Compensation Reserve' of 1,20,000 at the time of change in profit-sharing ratio, when: (i) no other information is given; (ii) there is no claim against it. [Ans.: In both Cases: Dr. Workmen Compensation Reserve A/c by 1,20,000; Cr. A's Capital A/c by 60,000; B's Capital A/c by 36,000 and C's Capital A/c by 24,000.] 15. X, Y and Z who were sharing profits and losses in the ratio of 5:3:2 decided to share future profits in the ratio of 2: 3: 5. Give the Journal entry to distribute 'Workmen Compensation Reserve' of ₹ 1,20,000 at the time of change in profit-sharing ratio, when there is a claim of 80,000 against it. [Ans.: Dr. Workmen Compensation Reserve A/c by 1,20,000; Cr. X's Capital A/c by 20,000; Y's Capital A/c by 12,000; Z's Capital A/c by 8,000 and Workmen Compensation Claim A/c by 80,000] 16. Ashok, Bhim and Chetan who were sharing profits in the ratio of 5: 3:2, decided to share profits in the ratio of 2:3:5 with effect from 1st April, 2026. Workmen Compensation Reserve existed at 1,20,000 in the Balance Sheet as at 31st March, 2026 and Workmen Compensation Claim of 1,50,000 exists. Pass Journal entries for the accounting treatment of Workmen Compensation Reserve. [Ans.: (a) Dr. Workmen Compensation Reserve A/c by 1,20,000 and Revaluation A/c by 30,000; Cr. Workmen Compensation Claim A/c by 1,50,000. (b) Dr. Ashok's Capital A/c by 15,000; Bhim's Capital A/c by 9,000 and Chetan's Capital A/c by 6,000; Cr. Revaluation A/c by 30,000.] 17. A, B and C who are sharing profits and losses in the ratio of 5:3:2 decide to share future profits in the ratio of 2:3: 5. Give the Journal entry to distribute 'Investments Fluctuation Reserve' of 20,000 at the time of change in profit-sharing ratio, when investment (market value 95,000) exists in the books at ₹ 1,00,000. 20,000; Cr. A's Capital A/c by 7,500; 3,000 and Investment A/c by₹ 5,000] [Ans.: Dr. Investments Fluctuation Reserve A/c by B's Capital A/c by 4,500; C's Capital A/c by #msacademyaccounts #psr #sacrficingratio