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Sonu, Sumit and Sahil are partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2.

They decide to share profits and losses in the ratio of 2 : 5 : 3 with effect from 1st April, 2023. Land (having book value of ₹ 1,00,000) was found undervalued by ₹ 5,00,000.

The stock (having book value of ₹ 4,00,000) was found overvalued by ₹ 3,00,000.

Pass the necessary adjustment entry without affecting the existing figures.

Anurag Pathak Changed status to publish May 7, 2023
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