Arun and Varun are partners sharing profits in the ratio of `4:3.` Their Balance Sheet showed a balance of Rs 56,000 in the General Reserve Account and a debit balance of Rs14,000 in Profit and Loss Account. Then now decided to share the future profits equally. Instead of closing the General Reserve Account and Profit and Loss Account, it is decided to pass an adjustment entry for the same. In adjustment entry :

A, B and C are partner sharing profits in the ratio of 1:2:3. On 1-4-2019 they decided to share the profits equally. On the date there was a credit balance of Rs 1,20,000 in their Profit and Loss Account and a balance of Rs 1,80,000 in General Reserve Account. Instead of closing the General R eserve Account and Profit and Loss Account, it is decided to record an adjustment entry for the same. In the necessary adjestment entry to give effect to the above arrangement,

A, B and C are partners in a firm sharing profits in the tatio of 3:4:1. They decided to share profits equally w.e.f. 1st April, 2019. On that date the profit and Loss Accoutn showed the credint balance of Rs 96,000. Instead of closing the Profit and Loss Account, it was decided to record an adjustment entry reflecting the change in profit sharing ratio. In the journal entry :

Rajinder and Surinder are partners in a firm sharing profits in the ratio of 4:1. On April 15, 2017 they admit Narender as a new partner. On that date there was a balance of Rs. 20,000 in general reserve and a debit balance of Rs. 10,000 in the profit and loss account of the firm. Pass necessary journal entries regarding adjustment of a accumulate a profit or loss.

A, B and C are partner sharing profits in the ratio of 1 : 2 : 3. On 1-4-2016 they decided to share the profits equally. On the date there was a credit balance of Rs. 1,20,000 in their Profit and Loss Account, it is decided to record and adjustment entry for the same. In the necessarry adjustment entry to give effect to the above arrangement :

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 Rs1,80,000. 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 Account:

Preparing Trading And Profit And Loss Account And Balance Sheet

X, Y and Z are partners in a firm sharing profits in the ratio of 3:2:1. They decided to share future profits equally. The profit and Loss Account showed a Credit balance of Rs 60,000 and a General Reserve of Rs 30,000. If these are not be shown in balance sheet, in the journal entry :