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Arun and Varun are partners sharing prof...

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

Dr. Arun by Rs 3,000, Cr. Varun by Rs3,000

B

Dr. Arun by Rs 5,000, Cr. Varun by Rs5,000

C

Cr. Arun by Rs 5,000, Dr. Varun by Rs5,000

D

Cr. Arun by Rs3,000, Dr. Varun by Rs 3,000

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The correct Answer is:
C
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DK GOEL-CHANGE IN PROFIT SHARING RATIO AMONG THE EXISTING PARTNERS -HOTS
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  10. P and Q were partners sharing profits and losses in the ratio of 3:2. ...

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  11. A, B and C partners sharing profits in the ratio of 4:3:2 decided to...

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  12. A, B and C were partners sharing profits and losses in the ratio of 7:...

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  13. P, Q and R were partners in a firm sharing profits in 5:3:2 ratio. The...

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  14. A, B and C are partners in a firm sharing profits in the tatio of 3:4:...

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  15. A, B and C are partner sharing profits in the ratio of 1:2:3. On 1-4-2...

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  16. X, Y and Z are partners in a firm sharing profits in the ratio 4:3:2. ...

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  17. Arun and Varun are partners sharing profits in the ratio of 4:3. Their...

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  18. X, Y and Z are partners in a firm sharing profits in the ratio of 3:2:...

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  19. X, Y and Z are partners sharing profits and losses in the ratio 5:3:2...

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  20. Any change in the relationship of existin g partners which results in ...

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