1.

Amit and Vinay are partners in a firm sharing profits and losses in 3 : 1 ratio. On 1.1.2007, they admitted Ranjan as a partner. On Ranjan's admission, the profit and loss account of Amit and Vinay showed a debit balance of Rs. 40,000. Record necessary journal entry for the treatment of the same.

Answer»

Amit and Vinay are partners in a firm sharing profits and losses in 3 : 1 ratio. On 1.1.2007, they admitted Ranjan as a partner. On Ranjan's admission, the profit and loss account of Amit and Vinay showed a debit balance of Rs. 40,000. Record necessary journal entry for the treatment of the same.



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