Question

X, Y and Z are partners in a firm sharing profits in the ratio 4 : 3 : 2. Their Balance
Sheet as at 31-3-2019 showed a debit balance of Profit & Loss A/c Rs 1,80,000. From
1-4-2019 they will share profits equally.
In the necessary journal entry to give effect to the above arrangement when X Y and
Z decided not to close the Profit & Loss Acccount:

Answer 1

Answer:

Please refer to the attachment. Hope you liked the solution . Please mark me as brainliest.

Explanation:

Cr. X by Rs20,000, Dr. Z by Rs 20,000