Question

ankit unnati and aryan are partner sharing profits in the ratio of 5:3:2 they decided to share future profit in the ratio of2:3:5 with the effect from 1st April 2018 they had the following balance in there pass necessary journal entry particular profit and loss a/c dr 60500​

Answer 1

Ankit’s capital a/c. Dr. 30250

Unnati’s capital a/c. Dr. 18150

Aryan’s a/c. Dr. 12100

To profit and Loss a/c 60500

(Being profit and loss distributed among the partners in the old ratio)

Answer 2

The answer is shown below:

Explanation:

The journal entry is as follows

Ankit capital Dr 30,250

Unnati capital Dr 18,150

Aryan Capital Dr 12,100

          To Profit and loss 60,500

(Being the profit and loss is distributed in change in profit sharing ratio)

The computation is shown below:

For Ankit capital

= 60,500 × 3 ÷ 10

= 30,250

For Unnati capital

= 60,500 × 3 ÷ 10

= 18,150

And, for Aryan it is

= 60,500 × 2 ÷ 10

= 12,100

It should be distributed on old ratio

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