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X andY arepartners sharingprofitsin the ratioof 2:1 . On31st March, 2019, theirBalancesheet showedGenral Reseve of ₹60,000. It wasdecided that in future they willshare profitsthey willshare profits andlosses in theratioof 3:2 .Pass necessary Journal enrtryin eachof the followingalternativecases: (i) WhenGeneralReserveisnotto be shownin thenewBalance Sheet. (ii)When General Reserve is tobe shown in theshown in thenew Balance Sheet. |
Answer» <html><body><p><br/></p>Answer :(i) Dr. General <a href="https://interviewquestions.tuteehub.com/tag/reserve-1186088" style="font-weight:bold;" target="_blank" title="Click to know more about RESERVE">RESERVE</a> A/c- ₹60,000; Cr. <a href="https://interviewquestions.tuteehub.com/tag/x-746616" style="font-weight:bold;" target="_blank" title="Click to know more about X">X</a>'s <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> A/c- ₹40,000 (i.e., 2/3 of 60,000);and Y's Capital A/c- ₹20,000 (i.e., 1/3 of₹60,000); (<a href="https://interviewquestions.tuteehub.com/tag/ii-1036832" style="font-weight:bold;" target="_blank" title="Click to know more about II">II</a>) X's Sacrifice-1/15; Y's Gain-1/15; Dr. Y's Capital A/c-R ₹4,000 (i.e., 1/15 of ₹60,000) and Cr. X's Capital A/c- ₹4,000.</body></html> | |