Sid, Harry and Jiten are partners sharing profits and losses in the ratio of 4 : 3 : 1. Harry retires, selling his share of profit to Sid and Jiten for ₹ 1,20,000. ₹ 70,000 being paid by Sid and ₹ 50,000 by Jiten. Profit for the year after the retirement of Harry is ₹ 64,000. Pass necessary Journal entries for the above transactions and calculate new profit sharing ratio.

Anurag Pathak Changed status to publish March 3, 2024
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