Amar, Bhuvi and Charan were partners in a firm sharing profits equally. Bhuvi retired on 30th September, 2022. Profit or loss till the date of retirement was to be estimated based on last year’s profit. Loss for the year ended 31st March, 2022 was ₹ 1,80,000. Calculate Bhuvi’s share of loss till her retirement and pass Journal entry/entries for the same when: i) The profit sharing ratio between Amar and Charan does not change; and ii) The new profit sharing ratio between Amar and Charan changes to 3 : 2.
Amar, Bhuvi and Charan were partners in a firm sharing profits equally. Bhuvi retired on 30th September, 2022. Profit or loss till the date of retirement was to be estimated based on last year’s profit. Loss for the year ended 31st March, 2022 was ₹ 1,80,000.
Calculate Bhuvi’s share of loss till her retirement and pass Journal entry/entries for the same when:
i) The profit sharing ratio between Amar and Charan does not change; and
ii) The new profit sharing ratio between Amar and Charan changes to 3 : 2.
Anurag Pathak Changed status to publish June 24, 2023
