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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 profit in the ratio of 3:2 w.e.f. 1st April, 2018 . On that day, Profit and Loss Account showed a debit balance of Rs. 1,00,000 . Pass Journal entry to give effect to the above.

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Solution

A's Capital A/c..............Dr. 80000
B's Capital A/c...............Dr. 20000
To Profit and Loss A/c 100000
(Being debit balance of profit and loss shared in old ratio)

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