Question

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Abhay and Vaibhav are partners sharing profits in the ratio of 2:1. They decided to share future profits en
On the date of change in the profit-sharing ratio, the Profit and Loss Account showed a credit bala
224,000. Record the necessary Journal entry for the distribution of the balance in the Profit & Loss A
before the change in the profit-sharing ratio if they decided not to close the Profit & Loss Account.
Ans. Vaibhav to be debited by 4,000 and Abhay to be credited by the same amount.)
dio. Durata
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Answer 1

What kind of a question is this??!!!