CBSE 2024 · Region 1 · Set 1 · Q15

Dan, Elf and Furhan were partners in a firm sharing profits in the ratio of $\displaystyle 5$ : $\displaystyle 3$ : 2. With effect from 1st April, $\displaystyle 2023$, they decided to change their profit sharing ratio to $\displaystyle 2$ : $\displaystyle 3$ : 5. There existed a General Reserve of ₹ $\displaystyle 90,000$ on the date of change in profit sharing ratio. The partners decided not to distribute General Reserve. The necessary adjustment entry to show the effect of the above will be :

OR

Sia, Tom and Vidhi were partners in a firm sharing profits in the ratio of $\displaystyle 3$ : $\displaystyle 2$ : 1. With effect from 1st April, $\displaystyle 2023$, they decided to share profits and losses in the future in the ratio of $\displaystyle 1$ : $\displaystyle 2$ : 3. There existed a Debit Balance of ₹ $\displaystyle 60,000$ in Profit and Loss Account on that date. The necessary journal entry for distribution of the balance in the Profit and Loss Account will be :