List of top Accountancy Questions on Profit sharing ratio asked in CBSE CLASS XII

Nishu, Rishu and Kishu were partners in a firm sharing profits and losses in the ratio of 8 : 7 : 5. They decided to share future profits and losses in the ratio of 5 : 8 : 7 with effect from 1st April, 2024. Their Balance Sheet as at 31st March, 2024 showed :
General Reserve ₹ 10,00,000.
Debit Balance of ₹ 2,00,000 in Profit and Loss Account.
Goodwill of the firm was valued at ₹ 20,00,000 and revaluation of assets and liabilities resulted in a profit of ₹ 7,00,000. The partners did not want to distribute the General Reserve and the balance of Profit and Loss Account. They also decided that revalued values of assets and liabilities were not to be recorded in the books. Pass a single adjustment entry to give effect to the above. Show your workings clearly.

Nidhi, Pranav and Ishu were partners in a firm sharing profits and losses in the ratio of 5 : 4 : 1. With effect from 1st April, 2024, they decided to share profits and losses in the ratio of 4 : 1 : 5. On that date, there was a debit balance of ₹ 4,00,000 in the Profit and Loss Account. The necessary journal entry to show the effect of the above will be :

Sia, Tisha and Aryan were partners sharing profits and losses in the ratio of 4 : 7 : 1. The firm closes its books on 31st March every year. Tisha died on 1st July, 2024. Sia and Aryan will acquire Tisha’s share in which of the following ratio ?

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 the ratio of 7:9:8 with effect from 1st April, 2024. Their Balance Sheet as at 31st March, 2024 showed: (i) Contingency Reserve of ₹ 24,00,000. (ii) Credit Balance of ₹ 12,00,000 in Profit and Loss Account. Goodwill of the firm was valued at ₹ 42,00,000 and Revaluation of assets and liabilities resulted in a loss of ₹ 6,00,000. The partners did not want to distribute the Contingency Reserve and the Balance of the Profit and Loss Account. They also decided that revalued values of assets and liabilities were not to be recorded in the books. Pass a single adjustment entry to give effect to the above. Show your workings clearly.

Old Ratio = 8:5:3, New Ratio = 6:5:5
A’s gain/sacrifice = ?

Varsha, Aryan and Nimit were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Varsha retired and surrendered 1/3rd of her share in favour of Aryan and the remaining share in favour of Nimit. The new profit sharing ratio between Aryan and Nimit will be :

The firm of Amish, Nitish and Misha, who have been sharing profits in the ratio of 2 : 2 : 1, have existed for some years. Misha wanted that she should get equal share in the profits with Amish and Nitish and she further wished that the change in the profit sharing ratio should come into effect retrospectively for the last three years. Amish and Nitish had agreement for this.
The profits for the last three years were: 2021–22 ₹ 1,15,000; 2022–23 ₹ 1,24,000; 2023–24 ₹ 2,11,000
Show adjustment of profits by means of a single adjustment journal entry. Show your working clearly.

Misha, Sarita and Isha were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. With effect from 1st April 2024, they decided that they will share profits and losses equally. The gain or sacrifice by the partners due to change in profit sharing ratio will be :

Kartik, Inder and Lalit 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 share profits and losses in the ratio of 2 : 3 : 4. For this purpose, the goodwill of the firm was valued at ₹ 1,80,000. The necessary journal entry to show the effect of the above will be :