Question

Pass necessary adjustment entry.
Q.8. A, B, C is partners in a firm sharing profits and losses in the ratio of 5:3:2.They decided to change
their sharing ratio to 2:2:1.On this date revaluation of assets and reassessment of liabilities was
carried out resulting into a loss of 40000.On same day, value of firms goodwill was estimated on
the basis of aggregate of two years profits proceeding this date. The profile for two years were
*1.50.000 and 2.10,000 respectively.
You are required to pass necessary Journal entries for the ab
ove.​

Answer 1

Answer:

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Explanation:

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