Aman, Suman and Tanvi were partners in a firm sharing profits and losses in the ratio of $\displaystyle 9$ : $\displaystyle 8$ : 7. They decided to share future profits and losses in the ratio of $\displaystyle 7$ : $\displaystyle 9$ : $\displaystyle 8$ with effect from 1st April, 2024. Their Balance Sheet as at 31st March, $\displaystyle 2024$ showed : (i) Contingency Reserve of ₹ $\displaystyle 24,00$,000. (ii) Credit Balance of ₹ $\displaystyle 12,00,000$ in Profit and Loss Account. Goodwill of the firm was valued at ₹ $\displaystyle 42,00,000$ and Revaluation of assets and liabilities resulted in a loss of ₹ $\displaystyle 6,00$,000. The partners did not want to distribute the Contingency Reserve and the Balance of the Profit and Loss Account. They also decided that revalued values of assets and liabilities were not to be recorded in the books. Pass a single adjustment entry to give effect to the above. Show your workings clearly.

JOURNAL Date Particulars L.F. Dr. Cr. `) `) Amount ( Amount ( $\displaystyle 2024$ Suman’s Capital A/c Dr. $\displaystyle 3,00,000$ April $\displaystyle 1$ Tanvi’s Capital A/c Dr. $\displaystyle 3,00,000$ To Aman’s Capital A/c $\displaystyle 6,00,000$ (Adjustment entry due to change in profit sharing ratio) Working Notes Old Ratio = Aman : Suman : Tanvi = $\displaystyle 9$:$\displaystyle 8$:$\displaystyle 7$ New Ratio = Aman : Suman : Tanvi = $\displaystyle 7$:$\displaystyle 9$:$\displaystyle 8$ Sacrificing Share = Old Share – New Share Aman’s Sacrificing Share = $\displaystyle 9$/$\displaystyle 24$ – $\displaystyle 7$/$\displaystyle 24$ = $\displaystyle 2$/$\displaystyle 24$ (sacrifice) Suman’s Sacrificing Share = $\displaystyle 8$/$\displaystyle 24$ – $\displaystyle 9$/$\displaystyle 24$ = -$\displaystyle 1$/$\displaystyle 24$ (gain) Tanvi’s Sacrificing Share = $\displaystyle 7$/$\displaystyle 24$ – $\displaystyle 8$/$\displaystyle 24$ = -$\displaystyle 1$/$\displaystyle 24$ (gain) Particulars ` Contingency Reserve $\displaystyle 24,00,000$ Credit Balance of Profit and Loss Account $\displaystyle 12,00,000$ Goodwill of the firm $\displaystyle 42,00,000$ Revaluation Loss ($\displaystyle 6,00,000$) Total $\displaystyle 72,00,000$ Aman Sacrifices = $\displaystyle 2$/$\displaystyle 24$ x $\displaystyle 72,00,000$ = `$\displaystyle 6,00,000$, Suman Gains= $\displaystyle 1$/$\displaystyle 24$ x72,$\displaystyle 00,000$= `$\displaystyle 3,00,000$, Tanvi Gains = $\displaystyle 1$/$\displaystyle 24$ x72,$\displaystyle 00,000$= `$\displaystyle 3,00$,000.