Yogesh, Naresh and Pavesh were partners in a firm sharing profits in the ratio of 2 : 2 : 1. Naresh retired on 1st October, 2022. In terms of the Partnership Deed, financial statements were prepared as on date of retirement and profit was determined as ₹ 7,20,000. a) Pass the Journal entries for distribution of profit for the period. b) Pass the Journal entries if loss of ₹ 3,60,000 was incurred.
Yogesh, Naresh and Pavesh were partners in a firm sharing profits in the ratio of 2 : 2 : 1. Naresh retired on 1st October, 2022. In terms of the Partnership Deed, financial statements were prepared as on date of retirement and profit was determined as ₹ 7,20,000.
a) Pass the Journal entries for distribution of profit for the period.
b) Pass the Journal entries if loss of ₹ 3,60,000 was incurred.
Anurag Pathak Changed status to publish June 24, 2023
