Varun, Amit and Renu were partners sharing profits and losses in the ratio of 4 : 3 : 2. Amit retired on 1st April, 2023. On that date, capitals of Varun, Amit and Renu after all adjustments stood at ₹ 39,300; ₹ 39,600 and ₹ 18,300 respectively. Total Capital of the reconstituted firm is fixed at ₹ 56,000 between Varun and Renu in the proportion of 5/8th and 3/8th after passing entries in their accounts for adjuments. Calculate amount to be paid or to be brought in by the continuing partners and pass necessary Journal entries.

Anurag Pathak Changed status to publish March 3, 2024
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