Alok, Ankit and Bipin are partners sharing profits and losses in the ratio of 3 : 2 : 1. Ankit retired on 1st April, 2023
Alok, Ankit and Bipin are partners sharing profits and losses in the ratio of 3 : 2 : 1. Ankit retired on 1st April, 2023. Alok and Bipin will share future profits in the ratio of 3 : 2. They also decided to give effect by passing an adjustment entry of the following accumulated profits, losses and reserves without affecting their book values:
|  | Book Values (₹) |
|
General Reserve Contingency Reserve Profit & Loss A/c (Cr.) Advertisement Suspence A/c (Dr.) |
30,000; 5,000; 15,000; 20,000; |
Pass the necessary adjustment entry.
Anurag Pathak Changed status to publish March 3, 2024
