X,  Y and Z were sharing profits and losses in the ratio of 5 : 3 : 2. They decided to s
Channel: Doubtnut
Date: 26/04/2020

X,  Y and Z were sharing profits and losses in the ratio of 5 : 3 : 2. They decided to share future profits and losses in the ratio of 2 : 3 : 5. They decided to share future profits and losses in the ratio of 2 : 3 : 5 with effect from 1.4.2017. They decided to record the effect of the following, without effecting their book values :-  (i) Profit and Loss Account Rs. 24,000  (ii) Adverstiment Suspense Account Rs. 12,000  Pass the necessary adjusting entry.