The firm of Harry, Porter and Ali, who have been sharing profits in the ratio of 2 : 2 : 1, have existed for same years. Ali wants that he should get equal share in the profits with Harry and Porter and he further wishes that the change in 110 Accountancy – Not-for- Profit Organisation and Partnership Accounts the profit sharing ratio should come into t effect retrospectively were for the last three year. Harry and Porter have agreement on this account. The profits for the last three years were:
2013- 14 22,000
2014- 15 24,000
2015- 16 29,000
Show adjustment of profits by means of a single adjustment journal entry.
