Manav, Mayank and Manish were partners in a firm sharing profits and losses in the ratio of 5: 3: 2. On 31st March, 2024, i their Balance Sheet…

Manav, Mayank and Manish were partners in a firm sharing profits and losses in the ratio of $\displaystyle 5$ : $\displaystyle 3$ : 2. On 31st March, $\displaystyle 2024$, i their Balance Sheet showed a debit balance of $\displaystyle 60,000$ in the Profit and Loss Account. They decided that from 1st April, $\displaystyle 2024$ they will share profits in the ratio of $\displaystyle 2$ : $\displaystyle 2$ : 1. The journal entry for writing off the debit balance of Profit and Loss Account on reconstitution of the firm will be : Manav, Mayank and Manish JOURNAL Dr. Amount Cr. Amount Particulars ( ) ( )

Murthy and Madhavan were partners in a firm sharing profits and losses in the ratio of $\displaystyle 3$ : 1. They admitted Shriniwas as a new partner in the firm. On admission of Shriniwas, there existed a balance of ₹ $\displaystyle 8,00,000$ in debtors account and a balance of ₹ $\displaystyle 50,000$ in provision for bad debts account. Debtors of $\displaystyle 60,000$ proved bad and hence were written off. It was decided to maintain a provision for bad debts at $\displaystyle 10$% of the debtors. The revaluation account will be debited by ________ on the reconstitution of the firm.