P and Q are partners sharing profits and losses in the ratio of 3:2. From 1st April, 2019, they decided to share future profit and loss equally. On that date, there was a debit balance of Rs. 20,000 in Profit and Loss A/c. What entry will be passed if the firm decided not to alter the values of book?
(a) Dr. Q’s Capital A/c Rs 2,000 & Cr. P’s Capital A/c Rs. 2,000
(b) Dr. P’s Capital A/c Rs 2,000 & Cr. Q’s Capital A/c Rs. 2,000
(c) Dr. Profit and Loss A/c Rs. 20,000 & Cr. P by Rs. 12,000 and Q by Rs.
8,000
(d) Dr. P by Rs. 12,000, Q by Rs. 8,000 & Cr. Profit and Loss A/c by Rs.
20,000
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Answer:
(d) Dr. P by Rs. 12,000, Q by Rs. 8,000 & Cr. Profit and Loss A/c by Rs.
20,000
Explanation:
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