Question

Shankar , Babita and Vishal are partners in a firm in the ratio of 5:4:2. On 1st April, 2019 they decided to share profits in the ratio of 4:3:2 . On this date general reserve was Rs. 34,900 and loss on revaluation of assets and liabilities was Rs. 5,200. It was decided that adjustments should be made without altering the figures of assets and liabilities in the Balance Sheet. Make adjustment by a single Journal Entry.PLEASE ANSWER CORRECTLY.

Answer 1

Explanation:

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