Sarthaks Test
0 votes
250 views
in Accounts by (64.1k points)

X and Y are partners in a firm sharing profits and losses in the ratio of 3:2. With effect from 1st April, 2016, they decided to share future profits equally. On the date of change in the profit-sharing ratio, the Profit and Loss Account showed a credit balance of Rs.1,50,000. Record the necessary Journal entry for the distribution of the balance in the Profit and Loss Account immediately before the change in the profit-sharing ratio.

1 Answer

0 votes
by (106k points)
selected by
 
Best answer

Working Notes:

1. Calculation of share of profit and lass A

Related questions

Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students.

Categories

...