Question

A B cand care partners in firm
profit sharing ratio
r3:2:1 on 1-4-2016 they
decide disolve firm
and profit and loss on debit balance of 720000 general reserve 900000 pass the journal entry

Answer 1

Answer:

A's Capital A/C Dr 3,60,000

B's Capital A/C Dr 2,40,000

C's Capital A/C Dr 1,20,000

To Profit and Loss A/C 7,20,000

General Reserve A/C Dr 9,00,000

To A's Capital A/C 4,50,000

To B's Capital A/C 3,00,000

To C's Capital A/C 1,50,000