Question

Mira myra and Neera were partner sharing profit in the ratio 2:2:1 they decided to share future profits in the ratio 7:5:3 with effect from 1st April 2019 their balance sheet as on that date showed the balance of rupees 45000 in advertisement suspense account. the amount to be debited respectively to the capital account of Mira Myra and neera for writing off the amount in advertisement suspense account will be​

Answer 1

journal entry -

Mira's capital a/c dr. 18,000

myra capital a/c dr. 18,000

Neera capital a/c dr. 9,000

to advertisement suspense a/c 45,000

(being amount of advertisement suspense distributed among partners )

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Answer 2

Answer:

Refer to the attachment for the required journal entry...