Question

Q.4 Ram and Rahim are partners sharing profits in the ratio of 2:1. Their balance sheet showed a balance of

1,50,000 in the General Reserve and 1,20,000 in the Statement of Profit and Loss account. They now decided to

share the future profits in the ratio of 3:2. Instead of closing the General reserve account and Profit and Loss account,

they decide to record an adjustment entry for the same. Pass necessary adjustment entry.

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Answer 1

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