The firm of Amish, British and Misha, who have been sharing profits in the ratio of 2: 2: 1, have existed for some years. Misha wanted that she…

The firm of Amish, British and Misha, who have been sharing profits in the ratio of $\displaystyle 2$ : $\displaystyle 2$ : $\displaystyle 1$, have existed for some years. Misha wanted that she should get equal share in the profits with Amish and British and she further wished that the change in the profit sharing ratio should come into effect retrospectively for the last three years. Amish and British had agreement for this. The profits for the last three years were : $\displaystyle 2021$ - $\displaystyle 22$ ₹ $\displaystyle 1,15,000$ $\displaystyle 2022$ - $\displaystyle 23$ ₹ $\displaystyle 1,24,000$ $\displaystyle 2023$ - $\displaystyle 24$ ₹ $\displaystyle 2,11,000$ Show adjustment of profits by means of a single adjustment journal entry. Show your working clearly.

Vidhi, Mamas and Ansh were partners sharing profits and losses in the ratio of $\displaystyle 2$ : $\displaystyle 3$ : 5. Ansh was given a guarantee that his share of profits in any given year would not be less than ₹ $\displaystyle 1,20$,000. Deficiency, if any, would be borne by Vidhi and Manas equally. Profits for the year ended 31st March, $\displaystyle 2024$ amounted to ₹ $\displaystyle 2,00$,000. Pass necessary journal entries in the books of the firm for division of profits.