Question

12. (Different Cases) A, B and C are partners in 2: 2:1 ratio. They admitted D in to the fin
for share. They had 3 60,000 in profit and loss account. Record the necessary jour
1
5
entries in the books of firm under the following circumstances.
(a) When profit and loss a/c is closed.
(b) When profit and loss a/c is not closed and only adjustment entry is passed​

Answer 1

Answer:

(a) revaluation ac dr. 360000

to a cap. ac 144000

to b cap. ac 144000

to c cap. ac 72000