Issue of Debentures ( Question Bank)
Issue of Debentures
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change in the profit sharing ratio ( Question Bank)
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change in the profit sharing ratio A, B and C were partners sharing profits and losses in the ratio of 7 : 5 : 4. From 1st April, 2016, they decided to share profits and losses in the ratio of 3 : 2 : 1. You are required to fill up the following journal entry: JOURNAL Date Particulars L.F. Dr. ₹ Cr. ₹ 2016 April 1 A's Capital A/c Dr. - B's Capital A/c Dr. - To C's Capital A/c (Adjustment for goodwill due to change in profit sharing ratio) 7,200 X, Y and Z are partners sharing profits and losses in the ratio of 5 : 3 : 2. They decide to share future profits and losses in the ratio of 2 : 3 : 5 with effect from 1st April, 2019. Following items appear in the Balan...