Question

Shankar babita and Vishal are partners in a firm in the ratio of 5:4:2 on 1st April 2017 they decided to share profits in the ratio of 4:3:2 on this date general reserve was 34900 and loss on revaluation of assets and liabilities was 5200 it was decided that adjustment should be made without altering the figures of assets and liabilities in the balance sheet make adjustments by a single journal entry​

Answer 1

Answer:

Rs.

General Reserve

34,900

(-) Loss on Revaluation

5,200

¯¯¯¯¯¯¯¯¯¯¯

29,700

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