A, B and C are partners in a firm sharing profits in the tatio of `3:4:1.` They decide
Channel: Doubtnut
Date: 26/04/2020

A, B and C are partners in a firm sharing profits in the tatio of `3:4:1.` They decided to share profits equally w.e.f. 1st April, 2019. On  that date the profit and Loss Accoutn showed the credint balance of Rs 96,000. Instead of closing the Profit and Loss Account, it was decided to record an adjustment entry reflecting the change in profit sharing ratio. In the journal entry :