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X, Y and Z are partners in a firm sharin...

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 :

A

Cr. X by Rs15,00,000, Dr. Z by Rs 15,000

B

Dr. X by Rs 15,000, Cr, Z by Rs 15,000

C

Cr. X by Rs45,000, Cr . Y by Rs 30,000, Cr. Z by Rs 15,000

D

Cr, X by Rs30,000, Cr Y by Rs 30,000, Cr. Z by Rs 30,000

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The correct Answer is:
A
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DK GOEL-CHANGE IN PROFIT SHARING RATIO AMONG THE EXISTING PARTNERS -HOTS
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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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  20. Any change in the relationship of existin g partners which results in ...

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