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 with effect from 1.4.2022. They decided to record the effect of the following, without effecting their book values

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 with effect from 1.4.2022. They decided to record the effect of the following, without effecting their book values:-

(i) Profit and Loss Account ₹ 24,000

(ii) Advertisement Suspense Account ₹ 12,000

Pass the necessary adjusting entry.

[Ans. Debit Z by ₹ 3,600 and Credit X by ₹ 3,600.]