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Question
A and B are partners in a firm sharing profits in the ratio of 4 : 1. They decided to share future profits in the ratio of 3 : 2 w.e.f. 1st April, 2019. On that day, Profit and Loss Account showed a debit balance of ₹ 1,00,000. Pass Journal entry to give effect to the above.
Numerical
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Solution
Journal
|
Date |
Particulars |
L.F. |
Debit Amount (₹) |
Credit Amount (₹) |
|
|
2019 |
|
|
|
|
|
|
April 1 |
A’s Capital A/c |
Dr. |
|
80,000 |
|
|
|
B’s Capital A/c |
Dr. |
|
20,000 |
|
|
|
To Profit & Loss A/c |
|
|
|
1,00,000 |
|
|
(Profit & Loss distributed) |
|
|
|
|
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