Anita,Asha and Amrit are partners sharing profits in the ratio of 3:2:1 respectively .From 1st January,2016,they decided to share profits in the ratio of 1:1:1.The partnership deed provided that in the event of any change in profit sharing ratio,the goodwill should be valued at three years'purchase of the average of five years'
The profits and losses of the preceding five years are

Showing the working clearly,give the necessary journal entry to record the above change.

Chintu,Montoo and Shitu are patterns in a business sharing profits in the ratio of 3:4:2. From 1st January,2015,they decide to share profits equally.Goodwill was valued at Rs 90,000, as on the date Pass journal entry to give effect to the above adjustment.

Rajeev,Sanjay and  Mohit are partners sharing profits and losses in the ratio of 2:3:5 On 1st April,2015,they decide to change their ratio to 3:3:4 as Rajeev contributes more time to the business

Siddharth, Saurabh and Nitin are partners in a firm sharing profits and loses in the ratio of 3:4:5 From 1st January 2015,they decide to share profits in the ratio 5:4:3.
As per the terms of the partnership deed,in the event of change in the existing profit sharing ratio.goodwill is to be valued at 2 years purchase of average profits of last years,which were Rs 64,000,Rs 72,000,Rs 65,000 and Rs 82,000 respectively. Pass necessary journal entry to adjust goodwill.Show your workings clearly.

Lalit,Rahul and Sumit are sharing [profits and loses in the ratio 5:3:2 They decided to share future profits and loses in the ratio of 2:3:5 with effect from 1st April,2015.They also decided to record the effect of the following revaluations without affecting the book value of the assets and liabilities by passing a single adjusting entry

A,B and C are partners in a firm sharing profits and losses in the ratio of 3:3:2 Their balance sheet as 31st March,2015 was as under 
                                                Balance Sheet 
                                            as at 31st March,2015

Partners decided that with effect from 1st April,2015 they would share profits and loses in the ratio of 4:3:2.It was agreed that
(i) Stock is to be valued at Rs 2,20,000 
(ii) Machinery is to be depreciated by 10%.
(iii) A provision for doubtful debts is to be made on debtors @ 5%.
(iv) Building to be appreciated by 20%
(v) A liability for Rs 6,000 included in sundry creditors is not likely  toarise.
Partners agreed that revised values of assets and liabilities are to be recorded in the books.Give the necessary accounting entries to be made in the books of the firm on account of change in profit sharing ratio.Also prepare the revaluation account

Archie,Betty and Veronica are partners sharing profits in the ratio of 3:2:1 With effect from 1st April 2015 they decide to share profits in the ratio of 2:2:1 Their balance sheet as at 31st March,2015 

For the above purpose ,it was agreed that
(a) Plant and machinery should be written down by Rs 25,000.
(b)Stock is found overvalued by 10% It was decided to reduce its value accordingly
(c)Land and building has to be appreciated by 25%.(d)Creditors amounting to be Rs 5,500 are not likely to claim their amount.
(d)Creditors amounting to Rs 5,500 are not likely to claim their account.
(e) Goodwill at the time of reconstitution, is to be valued at 3 years purchase of average profits of last five years,which were Rs 22,500.
You are required to give effect to the above adjustments.
(i) By opening revaluation account         
(ii) By passing a single adjustment entry

X,Y and Z were sharing profits and losses in the ratio of 5:3:2 They decided  to share future profits in the ratio of 2:3:5 with effect from1st  April,2015, They decided to record the effect of the following , without affecting their book values .
(i) Profit and loss account                    Rs 24,000
(ii) Advertisement suspense account     Rs 12,000
Pass necessary adjusting entry

Piyush and Aayush are partners sharing profits in the ratio of 2:1 As from 1st April,2015. they decide to becomes equal partners,with Aayush contributing Rs 50,000 as additional capital.The balance sheet drawn up on 31st March, 2015 revealed that general reserve stood in the accounts at Rs 1,50,000, Pass the necessary journal entry when
(i),Partners do not want to show general reserve in the books of reconstituted firm.
(ii) Partners want to show general reserve in the books of reconstituted firm.
Also  identify the value being communicated by Piyush.

A,B and C are sharing profits and losses in the ratio of 5:3:2 They decide to share future profits and losses in the ratio 2:3:5 with effect from 1st April,2015.They also decide to record the effect of the following without affecting their book figures by passing a single adjusting entry.