Question

Q.13 Ram and Shyam are partners in a firm sharing profits in the ratio of 3:2. They decided
to share future profits equally. On the date of change in the profit sharing ratio, the profit
and Loss Account showed a debit balance of Rs. 2,00,000 and a General Reserve of
Rs.50,000, Record the necessary journal entry for the above due to change in the profit
share ratio Case 1}If they want to be distribute Retained profit.
Case 2 If they do not want to distribute Retained profits.​

Answer 1

Explanation:

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