Observe the following journal entry which has been passed at the time of retirement of Ganga Prasad. The other partners were Sheena and Rajani.
1. Which account would you prepare to share the profit on revaluation?
2. Prepare that account and give a journal entry to share the profit?
| Furniture a/c Dr. |
3000 |
|
| Revaluation a/c Dr. |
15000 |
|
| To stock |
|
7000 |
| To plant |
|
11000 |
