A B and C shared profits and losses equally They mutually decided to change their profit-sharing ratio to 5 2 2 respectively. On the date of the change in the ratio, they had the followingundistributed profits which need to be adjusted because of the change in their ratio(1) General Reserve48.000(2) Contingency Reserve96.000O Profit & Los Account Credit Balance132,000(iv) Joint Life policy Give one entry for all profits and reserves to make the necessary adjustmentsAns. A Debit 71.000, B Credit 14,200. Creditc credit 56800
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creditc 56800. is your answer ......
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56800.........
is the answer ........
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