Frank, George and Hemant were partners in a firm sharing profits in the ratio of 5: 3: 2. They decided to change their profit sharing ratio to 2: 5:…

Books of Frank, George and Hemant JOURNAL Date Particulars L.F. Dr. Cr. Amount ( ₹) Amount ( ₹) $\displaystyle 2023$ General Reserve A/c Dr. $\displaystyle 2,00,000$ April $\displaystyle 1$ To Frank’s Capital A/c $\displaystyle 1,00,000$ To George’s Capital A/c $\displaystyle 60,000$ To Hemant’s Capital A/c $\displaystyle 40,000$ (General reserve transferred to old partners’ capital accounts in old ratio.) “ Land A/c Dr. $\displaystyle 1,50,000$ To Revaluation A/c $\displaystyle 1,50,000$ (Value of land increased by ₹$\displaystyle 1,50$,000.) ” Revaluation A/c Dr. $\displaystyle 1,50,000$ To Frank’s Capital A/c $\displaystyle 75,000$ To George’s Capital A/c $\displaystyle 45,000$ To Hemant’s Capital A/c $\displaystyle 30,000$ (Gain on revaluation transferred to old partners’ capital accounts in old ratio.) ” George’s Capital A/c Dr. $\displaystyle 40,000$ Hemant’s Capital A/c Dr. $\displaystyle 20,000$ To Frank’s Capital A/c $\displaystyle 60,000$ (Goodwill adjusted due to change in profit sharing ratio.)