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K,M and L sharing profit &loss …

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K,M and L sharing profit &loss in the ratio of 1:2:2,decide to share future profit equally with effect from 1st April 2019. On that date, general reserve had a balance of 40,000:P&L a/c 80,000 and 30,000 as the balance of advertisement suspens a/c . You are required to give a journal entry showing the decision that the values will not be affected

Posted by Yogita Suri 6 years, 6 months ago

CBSE > Class 12 > Accountancy

1 answers

Tushar Mittal 6 years, 6 months ago

General reserve a/c dr.40,000 Profit and loss a/c dr.80,000 To k's capital a/c 24,000 To m's capital a/c 48,000 To l's capital a/c 48,000 K's capital a/c dr.6,000 M's capital a/c dr. 12,000 L's capital a/c dr.12,000 To advertisement suspence a/c30,000

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CBSE > Class 12 > Accountancy

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