Punit, Ramit and Akshit were partners sharing profits equally. Akshit retired on 1st April, 2022. Punit and Ramit decided to continue the business and share profits in the ratio of 3 : 2. They also decided to give effect to the change in values of assets and liabilities without changing their book values.
Punit, Ramit and Akshit were partners sharing profits equally. Akshit retired on 1st April, 2022. Punit and Ramit decided to continue the business and share profits in the ratio of 3 : 2. They also decided to give effect to the change in values of assets and liabilities without changing their book values.
Pass and adjustment entry.
| Book Values (₹) | Revised Values (₹) | |
| Land | 5,50,000 | 8,50,000 |
| Building | 2,50,000 | 2,10,000 |
| Computers | 1,00,000 | 70,000 |
| Computer Softwares | 5,00,000 | 4,00,000 |
| Sundry Creditors | 70,000 | 60,000 |
| Workmen Compensation Claim | – | 5,000 |
Anurag Pathak Changed status to publish June 20, 2023
