Question

A. B and C are partners sharing profit or losses in 3:2:1 ratio. The partners have decided to share
profits in the ratio of 2:2:1 with effect from January 1, 2012. The profit and losses during 2012, 2013,
2014 and 2015 were * 80,000 (Profit) ; 40,000 (Profit); 330,000 (loss); and 60,000 (Profit)
respectively. Show adjustment of profits for the last four years by passing a single entry.​

Answer 1

Answer:

Sharing of profit ( Old Ratio) = 15000 : 10000 : 5000

Sharing of profit ( New Ratio) = 12000 : 12000 : 6000

Difference - A Cr. 3000 ; B Dr. 2000 ; C Dr. 1000

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