What will be the journal entry , if P,Q and R are partners who are sharing profits and losses in the ratio of 3:2:1, decide to share future profits and losses in the ratio of 4:3:2, with effect from 1st April , 2017. Workmen Compensation Reserve appears in the books at Rs. 60,000. You are informed that the claim on Workmen Compensation Reserve is estimated at Rs. 24,000. PLEASE ANSWER CORRECTLY.
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What will be the journal entry , if P,Q and R are partners who are sharing profits and losses in the ratio of 3:2:1, decide to share future profits and losses in the ratio of 4:3:2, with effect from 1st April , 2017. Workmen Compensation Reserve appears in the books at Rs. 60,000. You are informed that the claim on Workmen Compensation Reserve is estimated at Rs. 24,000. PLEASE ANSWER CORRECTLY.
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