Ashish, Aakash and Amit are partners sharing profits and losses equally. The Balance Sheet as at 31st March, 2018 was as follows: The partners decided to share profits in the ratio of 2 ; 2 : 1 w.e.f. 1st April, 2018. They also decided that: (i) Value of stock to be reduced to ₹ 1,25,000. (ii) Value of machinery to be decreased by 10%. (iii) Land and Building to be appreciated by ₹ 62,000. (iv) Provision for Doubtful Debts to be made @ 5% on Sundry Debtors. (v) Aakash was to carry out reconstitution of the firm at a remuneration of ₹ 10,000. Pass necessary journal entries to give effect to the above.

Ashish, Aakash and Amit are partners sharing profits and losses equall

1.	Ashish, Aakash and Amit are partners sharing profits and losses equally. The Balance Sheet as at 31st March, 2018 was as follows: The partners decided to share profits in the ratio of 2 ; 2 : 1 w.e.f. 1st April, 2018. They also decided that: (i) Value of stock to be reduced to ₹ 1,25,000. (ii) Value of machinery to be decreased by 10%. (iii) Land and Building to be appreciated by ₹ 62,000. (iv) Provision for Doubtful Debts to be made @ 5% on Sundry Debtors. (v) Aakash was to carry out reconstitution of the firm at a remuneration of ₹ 10,000. Pass necessary journal entries to give effect to the above.
Answer» TION account CREDITED to ASHISH Account =2,666Revaluation account credited to AAKASH Account=2,667Revaluation account credited to Amit Account = 2,667Explanation:

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