X y and zoom are partners in a firm sharing profits and losses as 5:4:3 their balance sheet as at 31st March was: liability; sundry creditors 40000, outstanding expense 15000 general reserve 75000 capital account x 400000 y 300000 z 200000: assets cash at bank 40000 sundry debtors 210000 stock 300000 furniture 60000 plant and machinery 420000;from 1st April 2019 they are 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 400000(d) outstanding expense be increased by 13000partners 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 the give effect to the above .also prepare balance sheet of the firm.

X y and zoom are partners in a firm sharing profits and losses as 5:4:

1.	X y and zoom are partners in a firm sharing profits and losses as 5:4:3 their balance sheet as at 31st March was: liability; sundry creditors 40000, outstanding expense 15000 general reserve 75000 capital account x 400000 y 300000 z 200000: assets cash at bank 40000 sundry debtors 210000 stock 300000 furniture 60000 plant and machinery 420000;from 1st April 2019 they are 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 400000(d) outstanding expense be increased by 13000partners 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 the give effect to the above .also prepare balance sheet of the firm.
Answer» TION:This is the QUESTION of RD SHARMA EXERCISE 18.5