Change in PSR

1. X, Y and Z are partners sharing profits in the ratio of 4:3:2.

From April 1, 2022, they decided to share the profits equally. On
that date their books showed the following items :

(i) Profit & Loss Account (Cr.) - Rs.1,20,000

(ii) General Reserve - Rs.45,000 ;
(iii) Workmen Compensation Reserve - Rs.60,000
(iv) Advertisement Suspense Account (Dr.) - Rs.90,000
Record the necessary Journal entries.
2. Anil, Sunil and Ramesh are partners sharing profits in the
ratio of 5:3: 2. They decide to share profits equally with effect
from 1st April, 2023. Goodwill of the firm is valued at
Rs.1,08,000. Goodwill exists in the books at Rs.18,000. Pass
the Jounal entries to record the above change :
(i) By passing a single adjustment entry
(ii) By raising and writing off goodwill.
3. Babita, Kavita and Dinesh were partners in a firm. From 1st
April, 2018 they decided to share the profits in the ratio of 2:3:5.
On this date the Balance Sheet of the firm showed a balance of
Rs.60,000 in Contingency Reserve and debit balance of
Rs.1,20,000 in Profit and Loss Account. The Goodwill of the firm
was valued at Rs.3,60,000. Pass necessary journal entries for the
above transactions in the books of the firm.
4. Vivek, Anil and Raman are partners in a firm sharing profits in the
ratio of 5:3:2. They decided to share profits, in the ratio of 2:3:5
w.e.f, 1st April, 2023. On the date of change in profit-sharing ratio,
the firm had balance in General Reserve of Rs.1,00,000. It was
agreed by the partners that out of General Reserve Rs.50,000 be
transferred to Workmen Compensation Reserve to meet a claim of
workers, if any. Pass the Journal entry for distributing General
Reserve on change in profit-sharing ratio.
5. X, Y and Z who are presently sharing profits and losses in the
ratio of 5:3:2 decide to share future profits & losses equally with
effect from 1st April, 2023. Goodwill of the firm is valued at
Rs.1,80,000. Goodwill already exists in the books at Rs.30,000.
Pass the necessary Journal entries for the adjustment of Goodwill
by raising and writing it off.