X, Y and Z are partners in a firm sharing profits and losses as 5 : 4 : 3 . Their Balance Sheet as at 31st March, 2018 was: From 1st April, 2018, they agree to alter their profit-sharing ratio as 4 : 3 : 2 .It is also decided that: (a) Furniture be taken at 80% of its value. (b) Stock be appreciated by 20%. (c) Plant and Machinery be valued at ₹ 4,00,000. (d) Outstanding Expenses be increased by ₹ 13,000. Partners agreed that altered values are not to be recorded in the books and they also do not want to distribute the General Reserve. You are required to pass a single journal entry to give effect to the above . Also, prepare Balance Sheet of the new firm.

X, Y and Z are partners in a firm sharing profits and losses as 5 : 4

1.	X, Y and Z are partners in a firm sharing profits and losses as 5 : 4 : 3 . Their Balance Sheet as at 31st March, 2018 was: From 1st April, 2018, they agree to alter their profit-sharing ratio as 4 : 3 : 2 .It is also decided that: (a) Furniture be taken at 80% of its value. (b) Stock be appreciated by 20%. (c) Plant and Machinery be valued at ₹ 4,00,000. (d) Outstanding Expenses be increased by ₹ 13,000. Partners agreed that altered values are not to be recorded in the books and they also do not want to distribute the General Reserve. You are required to pass a single journal entry to give effect to the above . Also, prepare Balance Sheet of the new firm.
Answer» X, Y and Z are partners in a firm sharing PROFITS and losses as 5 : 4 : 3

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