Question

A and B are partners in a firm sharing profits in the ratio of and losses3 : 2. They decided to share profits
equally. On the date of change in the profit-sharing ratio, Profit & Loss Account showed a debit balance of
40,000 and a General Reserve of 10,000. Record the necessary Journal entry for the distribution of the
balance in the Profit & Loss Account and General Reserve before the change in the profit-sharing ratio.
Ans. Total of Journal 50,000)​

Answer 1

Answer:

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Step-by-step explanation:

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