Amit and Viney are partners in a firm sharing profits and losses in 3:1 ratio. On 1.1.2017 they admitted Ranjan as a partner. On Ranjan’s admission the profit and loss account of Amit and Viney showed a debit balance of Rs 40,000. Record necessary journal entry for the treatment of the same.

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Solution

Books of Amit, Viney and Ranjan

Journal

Date

Particulars

L.F.

Amount

Rs

Amount

Rs

2017

Jan 1

Amit’s Capital A/c

Dr.

30,000

Viney’s Capital A/c

Dr.

10,000

To Profit and Loss A/c

40,000

(Debit Balance in Profit and Loss Account written off)

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Books of Amit, Viney and Ranjan Journal
Date	Particulars			L.F.	Amount Rs	Amount Rs
2017
Jan 1	Amit’s Capital A/c		Dr.		30,000
	Viney’s Capital A/c		Dr.		10,000
		To Profit and Loss A/c				40,000
	(Debit Balance in Profit and Loss Account written off)