Question

Mita gopal and farahan were partners sharing profit and losses in the ratio 3:2:1

Answer 1

Answer:

Mita, Gopal and Farhan were partners sharing profits and losses in the ratio 3:2:1. On 31st March, 2018 they decided to change the profit-sharing ratio to 5:3:2. On this date, the Balance Sheet showed. deferred advertisement expenditure 30,000 and contingency reserve 9,000.