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Accountancy > Accounting for Partnership Firms > Change In Profit Sharing Ratio
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Question 1
Soham, Ashish, Vishesh and Rashi were partners in a firm sharing profits and losses in the ratio of 4:3:2:1. With effect from 1st April, 2023, they decided to share profits and losses in the ratio of 2:1:1:1. Their Balance Sheet showed a General Reserve of ₹80,000. The goodwill of the firm was valued at ₹5,00,000. Pass necessary journal entries for the above on account of change in the profit sharing ratio. Show your working clearly.
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