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in Accounting for Partnership – Basic Concepts by (25.6k points)
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A, B & C are partners haring profits and losses in the ratio of 3:2:1 and their Profit and Loss A/c showed a credit balance of Rs. 24,000. But, on 1st July of the same year they decided to share profits and losses equally. What adjusting entry need be made to make necessary effect without closing the profit and loss account?

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Best answer
C’s Capital A/c Dr
    To A’s Capital A/c (P & L are adjusted)
4,000 4,000

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