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Accountancy > Accounting for Partnership Firms > Change In Profit Sharing Ratio
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Question 1
Sia, Tom and Vidhi were partners in a firm sharing profits in the ratio of 3:2:1. With effect from 1st April, 2023, they decided to share profits and losses in the future in the ratio of 1:2:3. There existed a Debit Balance of ₹60,000 in Profit and Loss Account on that date. The necessary journal entry for distribution of the balance in the Profit and Loss Account will be :
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