1.

A and B are partners sharing profits and losses in the ratio of 2:1. From April 1, 2017, they decided to share the profits in the ratio of 3:2. On that date, profit and loss account showed a debit balance or Rs 60,000. Record the necessary journal entry for the distribution of the balance in the Profit and Loss Account.

Answer»

A and B are partners sharing profits and losses in the ratio of 2:1. From April 1, 2017, they decided to share the profits in the ratio of 3:2. On that date, profit and loss account showed a debit balance or Rs 60,000. Record the necessary journal entry for the distribution of the balance in the Profit and Loss Account.



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