1.

X and Y are partners in a firm sharing profits and losses in the ratio of 3 : 2 . With effect from 1st April, 2018, they decided to share future profits equally. On the date of change in the profit-sharing ratio, the Profit and Loss Account showed a credit balance of ₹ 1,50,000. Record the necessary journal entry for the distribution of the balance int he Profit and Loss Account immediately before the change in the profit-sharing ratio.

Answer»

TE YOUR ANSWER ISAccount showed a credit balance of ₹ 1,50,000. Record the necessary JOURNAL entry for the DISTRIBUTION of the balance int he Profit and LOSS Account immediately before the change in the profit-sharing ratio.HOPE THIS HELPS ❤️PLEASE MARK AS BRAINLIEST ❤️❤️



Discussion

No Comment Found

Related InterviewSolutions