Accountancy, asked by srivastavasanchit365, 9 months ago

explain adjustment of capital in change in profit sharing ratio​

Answers

Answered by gauravarduino
1

Answer:

Adjustments of Reserves, Accumulated Profits, and Losses

Explanation:

Any reserves or accumulated profits/losses appearing on the balance sheet should be transferred to the partner's capital accounts. If the partners decide to leave them undisturbed it is necessary to make an adjustment entry in the books of the firm.

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