X and Y are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 1st April, 2018, they admit Z as a new partner for 1/5th share in profits . On that date, there was a balance of ₹ 1,50,000 in General Reserve and a debit balance of ₹ 20,000 in the Profit and Loss Account of the firm. Pass necessary journal entries regarding adjustment of reserve and accumulated profit/loss.

X and Y are partners in a firm sharing profits and losses in the ratio

1.	X and Y are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 1st April, 2018, they admit Z as a new partner for 1/5th share in profits . On that date, there was a balance of ₹ 1,50,000 in General Reserve and a debit balance of ₹ 20,000 in the Profit and Loss Account of the firm. Pass necessary journal entries regarding adjustment of reserve and accumulated profit/loss.
Answer» Profit sharing refers to VARIOUS INCENTIVE plans introduced by businesses that provide DIRECT or indirect payments to employees that depend on COMPANY's profitability in addition to employees' regular salary and bonuses. In publicly traded companies these plans typically amount to allocation of SHARES to employees.

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