X, Y and Z were sharing profits and losses in the ratio of 5 : 3 : 2. They decided to share future profits and losses in the ratio of 2 : 3 : 5. They decided to share future profits and losses in the ratio of 2 : 3 : 5 with effect from 1.4.2017. They decided to record the effect of the following, without effecting their book values :-
(i) Profit and Loss Account Rs. 24,000
(ii) Adverstiment Suspense Account Rs. 12,000
Pass the necessary adjusting entry.

Explanation

Debit Z by Rs. 3, 600 and Credit X by Rs. 3,600.