CBSE 2023 · Region 5 · Set 1 · Q4

L, M and N are partners sharing profits in the ratio of $\displaystyle 5$ : $\displaystyle 3$ : 2. They decided to share profits equally with effect from 1st April, 2022. On that date, there was a balance of ₹ $\displaystyle 2,00,000$ in General Reserve and a credit balance of ₹ $\displaystyle 4,00,000$ in the Profit and Loss Account. The Journal Entry for the above on account of change in profit sharing ratio will be : JOURNAL Particulars Debit Credit Amt. R) Amt. ($\displaystyle 1$)

OR

X, Y and Z are partners sharing profits and losses in the ratio of $\displaystyle 2$ : $\displaystyle 3$ : 1. They decided to share future profits in the ratio of $\displaystyle 3$ : $\displaystyle 2$ : $\displaystyle 1$ with effect from 1st April, 2022. At the time of change of profit sharing ratio, unrecorded furniture will be recorded in the books of Accounts by :