InterviewSolution
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InterviewSolution
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A, B and C are partners sharing profits and losses in the ratio of 2 : 2 : 1 . They decided to share profit w.e.f. 1st April, 2018 in the ratio of 5 : 3 : 2 . They also decided not to change the values of assets and liabilities in the books of account . The book values and revised values of assets and liabilities as on the date of change were as follows: Book value (₹) Revised value (₹) Machinery 2,50,000 3,00,000 Computers 2,00,000 1,75,000 Sundry Creditors 90,000 75,000 Outstanding Expenses 15,000 25,000 Pass an adjustment entry. |
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Answer» A, B and C are partners sharing profits and losses in the ratio of 2 : 2 : 1 . They decided to share profit w.e.f. 1st April, 2018 in the ratio of 5 : 3 : 2 . They also decided not to change the values of assets and liabilities in the books of account . The book values and revised values of assets and liabilities as on the date of change were as follows:
Pass an adjustment entry. |
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