Question

A, B, C and D are partners sharing profits in the ratio of 4:3:2:2.c retires and the remaining pares decided to share future profits in 5:3:2. On the date C's retirement there was a debit balance of 30,800rupees in the profit and loss account Show the necessary journal entry for the treatment of profit and loss account balance.

Answer 1

Answer:

it doesn't matter the partner is retires or not any of the profit/loss has to be distributed between all because he is/was also a part of it