Question

Amar and Akbar are equal partners in a firm.They admitted Anthony as a new partner and the new profit sharing ratio is 4:3:2

Answer 1

Here is ur Answer ⤵️

All the branches send cash at regular interval to head office. But, at the end of accounting period, some cash sent by the branch are still in transit. Therefore, to record such transit is cash in the books of head office, the entry will be: Cash in transit A/C..

Hope it helps you ✔