X, Y and Z share profits as 5 : 3 : 2 . They decide to share their future profits as 4 : 3 : 3 with effect from 1st April, 2018. On this date the following revaluations have taken place : Pass necessary adjustment entry to be made because of the above changes in the values of assets and liabilities. However, old values will continue in the books.

X, Y and Z share profits as 5 : 3 : 2 . They decide to share their fut

1.	X, Y and Z share profits as 5 : 3 : 2 . They decide to share their future profits as 4 : 3 : 3 with effect from 1st April, 2018. On this date the following revaluations have taken place : Pass necessary adjustment entry to be made because of the above changes in the values of assets and liabilities. However, old values will continue in the books.
Answer» X, Y and Z share profits as 5 : 3 : 2 . They DECIDE to share their future profits as 4 : 3 : 3 with effect from 1st April, 2018. On this date the following REVALUATIONS have taken PLACE :Pass necessary adjustment entry to be made because of the above changes in the values of assets and liabilities. Explanation:old values will continue in the books.

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