1.

 A, B and C were partners in the ratio of 5:4:1.On 31st Dec.2006 their balance sheet showed a reserve fund of Rs. 65,000, P&L A/C (Loss) of Rs. 45,000.On 1st January,2007, the partners decided to change their profit sharing ratio to 9:6:5.For this purpose goodwill was valued at Rs. 1,50,000. The partners do not want to distribute reserves and losses and also do not want to record goodwill. You are required to pass single journal entry for the above.

Answer»
22 C’s Capita; A/C Dr. Rs. 25, 500
To A’s Capital A/CRs. 8,500
To B’s Capital A/CRs. 17,000


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