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X y z are partners in a firm sharing profits in the ratio 1 : 2 : 3 their balance sheet as at 31. 3.2003 show a balance of 120000 in general reserve from 1. 4. 2003 they will share profits equally. Record the necessary journal entries to give effect to the above arrangement when X Y and Z decide not to close the general reserve account

Posted by Shivam Dalmia 5 years, 9 months ago

CBSE > Class 12 > Accountancy

2 answers

Renu Singh 5 years, 9 months ago

In this Case the general reserve is divided in to sacrifice ratio

Tanay Bhutda 5 years, 9 months ago

X 's capital A/c ........dr 20000 To Z's capital A/c 20000

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CBSE > Class 12 > Accountancy

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