Sanjay, Mayank and Tejas were partners sharing profits in the ratio of 4 : 3 : 2. Mayank retired on 1st April, 2023 on which date the capitals of Sanjay, Mayank and Tejas after adjustments stood at ₹ 1,96,500; ₹ 1,98,000 and ₹ 91,500 respectively. Total capital of the reconstituted firm is to be adjusted by bringing in or paying amount so that future capital of Sanjay and Tejas be in their profit sharing ratio. Calculate the amount of cash to be paid or to be brought in the by continuing partners. Also record necessary Journal entries for bringing or withdrawal of necessary amount.

Anurag Pathak Changed status to publish March 3, 2024
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