Accountancy worksheet

1. HERMANN GMEINER SCHOOL, FARIDABAD
SUBJECT – ACCOUNTANCY
CLASS- XII
CHAPTER- CHANGE IN PROFIT SHARING RATIO
WORKSHEETNO.8
1. What is meant by reconstitution of partnership firm?
2. What is sacrificing ratio?
3. Give an accounting entry for an unrecorded liability in caseof
reconstitution of partnership firm.
4. Give an accounting entry for unrecorded assets in case of reconstitution
of a partnership firm.
5. Anant, Gulab, Khushbu, werepartners in a firm sharing profits in the
ratio 5:3:2. From1.4.2014 , they decided to sharethe profits equally For
this purposethe goodwill of the was valued at Rs. 2,40,000.
Pass necessary journalentries for the treatment of goodwillon change
in the profit sharing ratio of Anant , Gulab and Khushbu
6. A and B are partners sharing profits and losses in the ratio of 3:1. Itwas
decided that with effect from 1st
April 2015 theprofit sharing ratio will
be 5:3 Goodwill is to be valued at 2 year’s purchaseof averageof 3 years
profits. The profits of the year ending 31st
march 2013,2014,2015 were
Rs.36,000; Rs.32,000; Rs. 40,000.
Pass the necessary journalentries for the treatment of goodwill.