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X and Y shared profits and losses in the ratio of 3 : 2. With effect from 1st April 2023, they decided to share profits equally. The goodwill of the firm was valued at ₹ 60,000. The adjustment entry will be:

a) Dr. Y’s Capital A/c and Cr. X’s Capital A/c by ₹ 6,000

b) Dr. X’s Capital A/c and Cr. Y’s Capital A/c by ₹ 6,000

c) Dr. X’s Capital A/c and Cr. Y’s Capital A/c by ₹ 600

d) Dr. Y’s Capital A/c and Cr. X’s Capital A/c by ₹ 600

Anurag Pathak Changed status to publish May 5, 2023
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