Question

X and Y are partners sharing profits and losses in the ratio of 3:2.They decide to share future profit and losses equally.On the date of change in profit sharing P&L A/C showed a debit balance of Rs 50000.Calculate the amount to be with X and Y​

Answer 1

Answer:

Explanation:

Profit and Loss A/c..... Dr.       150000

To X's Capital A/c                                      90000

To Y's Capital A/c                                       60000

(Being profit distributed in old ratio)

Answer 2

Explanation:

Xs capital ac .......Dr 30000

Ys capital ac..........Dr. 20000

To Profit and Loss Ac 50000

(being loss distributed in old ratio)