Question

(profit and loss account/general reserve are closed) :P and Q are partners in 2:1 ratio . They have decided to share profit in 3:2 ratio in future .They have Rs.60,000 in profit and loss account decided to distribute profits and reserves before changing their ratio..Pass adjustment.
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ACCOUNTANCY

A, B, and C are partners sharing profits in the ratio of 5:3:2. They decided to share future profits in the ratio of 2:3:5 with effect from 1st April ,2018. They also decided to adjust the following accumulated profit, losses and reserves without affecting their book values, by passing an adjustment entry:

Book value (Rs.)

Profit and Loss A/c 15,000

General Reserve 60,000

Advertising Suspense A/c 30,000

The necessary adjustment entry

Explanation:

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