Accountancy, asked by abhishekdeshwal1177, 9 months ago

how are accumulated profit and loss distributed when there is change in profit sharing ratio existing partners

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Answered by kunalubale797

Answer:

Answer--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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